Shanghai Loosens Control Over Engineering Project Price Budgets

Sources with the Shanghai Municipal Construction and Management Committee said that the

government will loosen control over the price of engineering project budgets from next month.

According to the new regulation, the first of its kind in China,the government will not set specific prices for materials, equipment and labor for each project. Rather, the prices will be

set by the market and updated figures can be found on the website of shceci.com.cn.

The government will regulate the computation rules of material consumption, workload and cost for eight types of projects including construction, city planning and civil defense.

Observers here hail the reform as a step forward from the planned price for engineering projects to the market price.

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People's Daily Online --- http://english.peopledaily.com.cn/