Foreign businesses looking to sell into China will have an important new vehicle with the launch on April 18 of a portal giving them access to over one million Chinese government purchasing organizations and over 100,000 investment projects.
The Marketplace is the largest portal of its kind in China, giving over one million government purchasing organizations and Chinese businesses access to capital, goods and services from legitimate, accredited foreign companies. As such, it provides a central location for foreign businesses looking to sell into one of the world’s largest and most powerful markets.
“The new portal adds transparency, thereby reducing the risk for Chinese companies looking to source foreign products. The portal also will help foreign companies better understand the China market and participate more in China’s rapid economic growth and development,” said Director Li Jiaming from China Internet Information Center on the press conference for the launch.
Attending the launch were, Deputy Director Qi from China International Publishing Group, Director Li from China Internet Information Center, Director Li from China Council for the Promotion of International Trade and China Chamber of International Commerce, Director Xu from National Development and Reform Commission, representatives from government purchasing centers, trade missions, foreign embassies in China and government major news websites.
China is currently one of the most rapid growing economies in the world. According to WTO report on global trade, released on April 12th of 2007, China became the third largest trading nation in the world in 2006.
This economic achievement attributes to China’s adoption of economic reform and opening-up policy in 1978. Since then, over 570,000 foreign-funded enterprises have been set up in China, and more foreign companies are planning to enter the China market. In the first quarter of this year, 9,297 new foreign companies have been established, an increase of 4.36% over the same period of last year.
China is committed not only to further increase foreign investments, but also to further integrate into WTO, and to promote more import of foreign capital, products and services.
China's import volume hit a record high of US$792 billion in 2006, only behind the United States and Germany. An important part of this increasing is from government purchasing. In 2006, the Chinese government purchasing reached US $40 billion, about 40% of which was for foreign goods and services.
China is expected to increase its import in the years to come. Early this year, the famous Canton Fair adopted a new name—China Import and Export Fair, indicating that import has been granted a new importance by the Chinese government in its international trade relations with foreign countries. Accordingly, a new increase in the value of purchase by the Chinese governments and enterprises is just on the horizon.
Giving these developments, the launch of Invest China is perfectly timed and will address the right market demand. “Invest China will become one of the most influential and authoritative e-commerce portals in China that provides Chinese governments and businesses with easy and quick access to foreign capital, products, and services. We are extremely optimistic of its future.” said Director Li.
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