China Federation of Logistics & Purchasing - Public Procurement Affiliate established on the same day
HONG KONG, March 27, 2014 /PRNewswire/ -- The board of directors of China Public Procurement Limited (HKEx stock code: 1094, the "Company" or "CPP") announced that it launches the "Gong Cai Tong" electronic service today. It will provide tendering information and financial services to procurement vendors through the Company's electronic public procurement platform. Today also marks the establishment of the China Federation of Logistics & Purchasing - Public Procurement Affiliate, a nationwide non-profit organization with an aim to promote the public procurement system within the nation to match with the international standard.
"Gong Cai Tong"- a multi-functional e-commerce service
"Gong Cai Tong" is an innovative e-commerce service, designed to serve the public procurement industry in the PRC. Working initially with 22 government procurement centres, "Gong Cai Tong" provides vendors with information on procurement, corporates and marketing, financing to SME, third-party payment services as well as logistics information. "Gong Cai Tong" provides information and services to facilitate SMEs and private enterprises to go beyond geographical boundaries and introduce themselves into the governmental public procurement industry.
Vendors only need to register once and they will enjoy nationwide services on transactions and finances. Governmental public procurement will then be able to utilize third-party payment services, expanding third-party payment service from merely B2C and B2B to B2G (Business to Government).
Once logged on, users of "Gong Cai Tong" will instantly obtain the latest information on market development, news on the industry and recent transactions. According to the vendors' various requirements, "Gong Cai Tong" provides notification of specific tender information through emails and instant messaging apps.
"Gong Cai Tong" works with credit investigation institutions to carry out credit check and rating on vendors. Through recording corporations' credit rating within the platform, it provides valuable references regarding the credit of such corporations. Users will be able to inquire the credit rating of the vendors through "Gong Cai Tong" to minimize the risks.
Establishment of the China Federation of Logistics & Purchasing – Public Procurement Affiliate
The China Federation of Logistics & Purchasing - Public Procurement Affiliate was established on the same day. It aims to establish a standard system for the public procurement industry in the PRC so that it matches the international standard. It will have a positive impact on China's process of acceding to the plurilateral Government Procurement Agreement of the World Trade Organization.
Mr. Cheng Yuanzhong, Chairman of the Company, said, "'Gong Cai Tong' is a breakthrough of CPP, which promotes the convenience and transparency of public procurement in the PRC. The total procurement amount of the 22 government procurement centres amounts to RMB 300 billion, accounting for 5% of the total public procurement amount in the PRC. Looking forward, we expect to introduce more government procurement centres into the platform. 'Gong Cai Tong'has vast market potentials."
