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 | Thursday, April 27, 2000, updated at 10:24(GMT+8) | ||||||||||||
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Chinese Trade Minister Urges More Foreign ContractingChinese Minister of Foreign Trade and Economic Cooperation Shi Guangsheng said on April 26 that China has become one of the world's top ten project contractors, and must strive for an even greater share in the global market.By the end of 1999, China had achieved a total contractual value of nearly US$ 75 billion in foreign contracting, and actually implemented contracts involving over US$ 54 billion, Shi said at a meeting of major Beijing-based Chinese contracting corporations which have claimed market shares in over 180 countries. Stressing the importance of foreign contracting in foreign trade, Shi urged the contractors to play a greater role in boosting the national economy. "It is high time now for China's contractors to step up their development," Shi pointed out, citing the overall recovery of the world economy and China's anticipated entering into the World Trade Organization in the near future. Shi places great hope on large contractors, saying they must improve the quality and efficiency of their projects to sharpen their competitive edge. Bilateral and multilateral consultation systems also need to be established to clear the path for Chinese contractors in the world market, he said.
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