Ministries to inspect on overseas project contracting

17:29, April 29, 2010      

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Seven Chinese ministries, including the Ministry of Commerce (MOFCOM), the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF), organized a video conference in Beijing today to call on local commercial regulators to carry out special inspections of the implementation of "Overseas Project Contracting Regulations."

China's overseas project contracting has seen good development in general, but also confronted some difficulties and problems, said Chen Jian, vice minister of the MOFCOM. The inspection is in line with the requirement of sustainable development of overseas project contracting and improvement of related companies' operation and management skills.

Aiming at faster transformation of the development mode, standardization of business operations, higher management level and improvement of business promotion, enterprises are urged to study the regulations and examine themselves in order to eliminate drawbacks and potential risks.

The meeting called on local commercial regulators to sum up enterprises' difficulties and problems in business development and establish and improve local business services and risk-management systems. Regulators must focus on the transformation of the development mode and wholly promote business, according to the ministries.

The conference urged central state-owned enterprises to examine themselves under the supervision of related departments. They said local enterprises should inspect themselves in the supervision of provincial commercial regulators and domestic enterprises should be inspected on the situations of overseas project contracting by the local embassies and consulates in foreign countries.

The MOFCOM would sum up and analyze the situation of special inspection and make related measures of improvement and guarantee, the conference released.

In the context of the global financial crisis, China's overseas project contracting is seeing an upward trend. The amount of new contracts in 2009 reached 126.2 billion U.S. dollars and turnover hit 77.7 billion U.S. dollars, increasing by 20.7 percent and 37.3 percent, respectively, playing a positive role in stabilizing foreign demand, maintaining economic growth and improving employment.

By People's Daily Online


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