Wuhan to set up series of product price indices as a market maker

Jan.21--WUHAN is planning to set up price indices for series of products by 2020 to propel its development as an important domestic trade centre, Xinhua reports.

Wuhan Bureau of Commerce deputy director Sun Chaozhong said the planned Wuhan Price Index would indicate fluctuations and market trends in product prices in Wuhan that will influence price changes of the same products in the domestic even the international market.

"Just like the Baltic Dry Index to the shipping market. When some kind of product is mentioned, people will look to the Wuhan Price Index for its price trend", said Mr Sun.

Mr Sun said, to increase its influence in product price in the neighbouring regions, Wuhan will build a number of large retail and wholesale markets for various products such as agricultural products, construction materials, automobiles and other commodities, and progressively turn itself into a price setter in the middle Yangtze River region.

According to the development plan, Wuhan's investment on logistics for commerce and trade will rise to CNY70 billion (US$11.26 billion) or above. The city also has planned for a number of projects of newly-built and upgrade of commercial facilities or circles. By 2016, Wuhan will have more than six trading facilities with annual trading value of more than CNY10 billion and more than 10 with trading value of over CNY5 billion.