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Sourcing 'playing a bigger role in trade'
By Wang Yanlin |
September 6, 2011, Tuesday
|
Print Edition
Print Edition
SOURCING of products, materials and services is expected to play a bigger role in China's trade, according to a senior official yesterday at the opening ceremony of the 2011 International Sourcing Fair.
Wei Jianguo, secretary general of the China Center for International Economic Exchanges, said: "We expect the value of sourcing to grow to 500 billion yuan (US$78.1 billion) in the next five years, and account for nearly 35 percent of China's trade. The percentage of sourcing in total trade is still rather low."
Sourcing refers to a number of procurement practices, aimed at finding, evaluating and engaging suppliers of goods and services more efficiently. Growth in sourcing requires sophisticated supply chain management and is said to be more accurate in determining supply and demand.
The International Sourcing Fair, born 10 years ago, was created to meet the rising demand for sourcing.
The fair, a national event organized together by the Ministry of Commerce and the Shanghai government, will be held at the ShanghaiMart until Thursday.
Wei Jianguo, secretary general of the China Center for International Economic Exchanges, said: "We expect the value of sourcing to grow to 500 billion yuan (US$78.1 billion) in the next five years, and account for nearly 35 percent of China's trade. The percentage of sourcing in total trade is still rather low."
Sourcing refers to a number of procurement practices, aimed at finding, evaluating and engaging suppliers of goods and services more efficiently. Growth in sourcing requires sophisticated supply chain management and is said to be more accurate in determining supply and demand.
The International Sourcing Fair, born 10 years ago, was created to meet the rising demand for sourcing.
The fair, a national event organized together by the Ministry of Commerce and the Shanghai government, will be held at the ShanghaiMart until Thursday.
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