China to further open purchasing markets

cctv.com 09-29-2003 11:30

In today's policy update, China's ministry of Commerce announced this week that China will further open the purchasing markets for overseas investors, allowing them to set up their own purchasing centers for exports trade in some areas in China. This move is also to meet the increasing demand of more and more overseas investors on China's high-quality products, low price and good service. These purchasing centers wholly funded by overseas investors will enjoy relevant tax rebate preferential policies.

According to the ministry, the foreign funded sourcing centers can only be set up in China's major cities initially. The only requirement for application is that registered capital of more than 30 million RMB or some 3.8 million US dollars will be needed.

Officials with the ministry say that the sourcing centers will help overseas retailers to expand their export-driven production in China. Meanwhile, the policy will push forward China's exports.

According to official statistics, one third of the top 500 retailers in the world have a business presence in China, bringing nearly 380 million US dollars. Every year, the overall value of products purchased by multinationals exceeds 30 billion US dollars. In 2002, Wal-mart, Carrefour and Metro, the top three retailers in the world, purchased some 15 billion US dollars worth of products for export.

Editor:Zhang Wenjie  Source:CCTV.com