Foreign businesses looking to tap the Chinese market have a new avenue to help do so from April 18 following the launch of a portal giving them full access to over one million Chinese government purchasing organizations and more than 100,000 investment projects.

The Invest China (http://invest.china.cn), a web portal hosted by China Internet Information Center, is the largest one in China, providing details on more than one million government purchasing organizations and giving Chinese businesses the low-down on capital, goods and services from accredited foreign companies. As such, it can act as a nexus for foreign investors seeking to one of the globe's largest and most powerful markets. 

"The new portal adds transparency, thereby reducing the risk for Chinese companies looking to source foreign products. The portal also will help foreign companies better understand the China market and participate more in China's rapid economic growth and development," Li Jiaming,  vice president of China Internet Information Center, said at the press conference in Beijing.

As one of the world's fastest-growing economies, China has so far welcomed over 570,000 foreign-funded enterprises with ever more knocking at the door. In the first quarter of this year, 9,297 new foreign companies were set up in the domestic market, up 4.36 percent year-on-year.

China abides by commitments to not only attract more foreign investment, but to fully integrate into the WTO and in so doing stimulate imports of foreign capital, products and services.

According to a WTO global trade report, released on April 12, China became the third largest trading nation in the world last year. It reached a record US$792 billion import volume in 2006, bettered only by the US and Germany. In the same year, Chinese government purchasing topped US$40 billion, close to 40 percent of which went towards foreign goods and services. 

The next few years will witness China's vigorous pursuit of more imports through such moves as allowing the famed Canton Fair, formerly purely export-oriented, to diversity and cater to imports in equal measure. Furthermore, both the Chinese government and national enterprises have pledged to disburse more in making foreign purchases.

Giving these developments, the launching of Invest China is perfectly timed and will corner the correct market demand.

"Invest China will become one of the most influential and authoritative e-commerce portals in China, providing Chinese governments and businesses with easy and quick access to foreign capital, products, and services. We are extremely optimistic for the future," Li said.

The launching ceremony was attended by representatives from prestigious organizations, including the China International Publishing Group, China Council for the Promotion of International Trade, the National Development and Reform Commission, government purchasing centers, trade missions, foreign embassies in China and major government news websites.

(China.org.cn April 18, 2007)