China to Double Government Procurement This Year

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Last updated at: (Beijing Time) Thursday, June 27, 2002

China to Double Government Procurement This Year

China is to increase the volume of government procurement to over 100 billion yuan this year, nearly double the figure of last year. The Chinese government has listed government procurement as an important part of the reform of the fiscal system.

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China is to increase the volume of government procurement to over 100 billion yuan this year, nearly double the figure of last year.

Minister of Finance Xiang Huaicheng told the Standing Committee of the National People's Congress (NPC) Wednesday that government procurement totaled 65.3 billion yuan in 2001, more than double the figure of the previous year.

He said the central government spent 15.5 billion yuan on goods and services in 2001, over five times the amount in 2000.

The Chinese government promulgated new regulations on the accounting of government procurement last year and put into operation an Internet website on government procurement.

The Chinese government has listed government procurement as an important part of the reform of the fiscal system. The Standing Committee of the NPC, China's legislature, is now on a second reading of the draft law of government procurement.

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