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BIZCHINA / Center
Push to foreigners in agri wholesale
By Fu Jing (China Daily)
Updated: 2007-09-04 10:00
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A trader unloads watermelons at a wholesale market in Beijing.?Senior
commerce officials yesterday urged foreign investors to expand in China's
agricultural wholesale sector. [China Daily]?
Senior commerce officials yesterday urged foreign investors to expand in
China's agricultural wholesale sector, which is worth US$146 billion in
output annually.
Lower returns compared with the retail and supermarket sectors has made
wholesale less enticing for overseas investors. To date, the Ministry of
Commerce has received only one overseas investment application.
Assistant Minister of Commerce Huang Hai said China encourages foreign
investors in the booming wholesale sector, adding that overseas
involvement could help raise standards to an international level.
"China's wholesale market has been fully opened to foreign investors, but
it has become less attractive because of low returns," Huang told China
Daily yesterday at the 25th Congress of the World Union of Wholesale
Markets, a three-day event being held in Beijing.
He confirmed that his ministry had accepted one overseas application to
set up a wholesale market in China, but didn't name the applicant.
Donald Darnall, chairman of the US-based World Union of Wholesale
Markets, said Huang's comments were "encouraging news" for wholesalers
attending the event.
Darnall said foreign investors could form partnerships with the
government or local companies, bringing with them practices that ensure
high-level hygiene and food safety in the marketplace.
Huang said China needs international experience and best practices to
track food quality along the whole "farm-to-table" process. Its fledgling
agricultural wholesale market, which has had only 20 years to develop, is
less advanced in terms of technology and management in some cities.
(For more biz stories, please visit Industry Updates)
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