Tianjin will formulate policies to promote the development of Internet finance and build an industrial complex to attract companies providing such services, said a leading official of the Tianjin Economic-Technological Development Area on Thursday.

The TEDA Administrative Committee will focus on developing third-party payment services, micro-scale loans to small businesses, sales of standardized financial products on the Internet platform and peer-to-peer lending intermediaries, according to its three-year action plan.

"We hope to push forward reform and innovations more actively by using more scientific methods. We will integrate Internet finance with the regional economy and promote their joint development," said Wang Sheng, secretary of the Communist Party of China Leadership Group of the TEDA Administrative Committee.