Multinationals' Procurement in China Totals US$100bln

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Last updated at: (Beijing Time) Monday, July 28, 2003

Multinationals' Procurement in China Totals US$100bln

Multinational corporations now spend a total of 100 billion US dollars on buying goods and materials in China each year, Chinese researchers estimated.

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Multinational corporations now spend a total of 100 billion US dollars on buying goods and materials in China each year, Chinese researchers estimated.

Wang Wei, a research fellow with the Development Research Center under the State Council, said on Monday that sustained development of the Chinese economy has attracted increasing number of multinational corporations to set up production bases, research and development centers, and purchasing bases in China.

Wang said that many multinational corporations such as Volkswagen, GM, Siemens, Wal-Mart and Carrefour, have established their own international procurement departments or purchasing centers in China, hoping to buy top-grade and low-cost commodities and resources from China.

Statistics show that the Shenzhen-based purchasing center of Wal-Mart bought 10 billion US dollars worth of goods in China in 2001. Siemens' global procurement volume for 2001 was 2 billion euros, of which 500 million, or 25 percent of its total, was bought in China. Carrefour bought 300 million US dollars of goods in China last year.

A global procurement fair, held in southwest China's Chongqing Municipality between July 25-26, attracted 78 international corporations bringing 4.5 billion US dollars of orders.

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