Foreign companies operating in the Chinese mainland just scored a major win! 🇨🇳 The Ministry of Finance announced this week that products made by foreign-funded businesses will receive the same 20% price preference as domestic goods in government procurement contracts. No more VIP treatment for local players—this is about fair competition, y’all! 💼⚖️
What’s Changing?
The new rules mean your iPhone (assembled in Zhengzhou) or Tesla (built in Shanghai) could now get priority in bids for government projects. But there’s a catch: products must be fully made within China’s customs territory, from raw materials to finished goods. 🏭✨ The policy excludes agriculture and mining sectors but targets industrial goods first.
Why It Matters
This move aligns with China’s pledge at July’s Communist Party meeting to give foreign firms national treatment—equal access to licenses, standards, and procurement. 🌐 It’s part of broader reforms to create a law-based, internationalized business environment. Think of it as China saying: ‘Come build here, and we’ll buy from you too!’ 🚀
The Fine Print
While the policy is open for public feedback until 2025, experts say it mirrors practices in the EU and US. For global entrepreneurs eyeing China’s $500B+ procurement market? This could be your golden ticket. 🎫💡
