The Government Procurement Law, passed in July but not effective until 2003, requires government departments to buy domestically produced goods and services unless they cannot be obtained under reasonable commercial conditions, Xinhua reported. Goods made by foreign-invested firms qualify as domestically produced. Government procurement has expanded rapidly in recent years, the news agency said. Transaction […]
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The Industrial and Commercial Bank of China has said that it will give greater lending priority to small and medium-sized enterprises. The approval process will be simplified and lending requirements for small enterprises lowered. Secondary branches of the bank would also have the power to make lending decisions of up to Yn50m. About 90 per […]
China's industrial output in June increased by 12.4 per cent year-on-year, according to National Bureau of Statistics figures. The increase for the first half of 2002 was 11.7 per cent. The growth rate is higher than the 9 per cent target for the whole of 2002 set by the State Economic and Trade Commission at […]
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Prices down while sales steady
The benchmark consumer price index in June was 0.8 per cent lower than a year earlier, said the deputy director of the National Bureau of Statistics. The fall over the first half of the year was also 0.8 per cent. The decline in the index was caused by falls in food, clothing and household goods. […]
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H1 growth rate 7.8 per cent
China's economy grew by 7.8 per cent in the first half of the year, according to the National Bureau of Statistics. The growth rate in the second quarter was 8 per cent. The bureau's deputy director said that many indicators were better than forecast and predicted that the whole-year growth rate would be higher than […]