Doing a good job in public bidding is important to promoting a market-oriented economy, Chinese vice-premier Zeng Peiyan said Saturday.

Addressing the inauguration ceremony of the China Public Bidding Association, Zeng called for improving public bidding management and standardizing market order to ensure healthy development of this sector.

Since the Law on Public Bidding took effect on Jan. 1, 2000, the scope of public bidding has seen a great expansion, he said, varying from construction project to electromechanical equipment, from land transfer to government purchasing, which effectively save the investments.

He explained that only the government projects that had introduced the public bidding alone saved 500 billion yuan (62 billion US dollars) in the past five year.

Zeng also called for further implementation of the public bidding law and formulation of technical norms for public bidding.

Source: Xinhua