Binhu district of Wuxi, Jiangsu province, held an opening ceremony on Nov 21 for its first public resources trading center. This makes collective management in transactions such as engineering bidding, government procurement and public asset trading.

The center aims to provide a more comprehensive and efficient transaction processes. Over the last year the district's total trading volume of 9.18 billion yuan ($1.5 billion) was traded in several independent trading platforms, slowing down transactions and weakening government's regulation.

The center is equipped with first-class electronic trading system, voice notification system, and electronic monitoring system. With an area of 3400 square meters, it has four areas for its service hall, bid opening, bid evaluation, and offices.

Party secretary of Binhu, Yuan Fei, and other officials attended the ceremony. "The center is expected to optimize the district's public resources allocation, and improve the authority’s management capability", said Yuan Fei.