(Yicai Global) Nov. 10 -- Engineering contractor China Communications Construction has made orders worth CNY4.7 billion (USD668.6 million) at the ongoing import expo in Shanghai and thus completed two-thirds of its purchase goal for this year.
On Nov. 8, CCCC penned 13 procurement contracts with domestic and overseas firms, such as Swiss automation firm ABB, German equipment maker Bubenzer, and state-owned engineering firm Shanghai Zhenhua Heavy Industries. The deals involved this year and plans for the next.
Other partners included some of the firm's affiliates such as CCCC Dredging and CCCC Fourth Harbor Engineering.
"If we expect the total amount of CNY7 billion (USD1 billion) to be purchased this year, the 4.7 billion makes up two-thirds of that," said Wang Yan, a material purchasing manager at CCCC.
The Beijing-based firm bought CNY5.5 billion worth of imported goods and services last year and before that, CNY9.4 billion in 2016.
The China International Import Expo helps CCCC to build a world-class supply chain management system through extensive exchanges and contacts, Wang said, giving an example of buying cement. Earlier, Chinese firms brought the raw material for concrete from China for their overseas projects but now they source it regionally, which is more efficient.
Today is the last day of the CIIE which is being held at the National Convention & Exhibition Center in Shanghai.
Editor: Emmi Laine