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4. Being Market-oriented in Financing and Improving Fund
Management

      We shall stick to the principle of market orientation in financing activities, which shall be organised and guided by the government. New approaches to market-oriented fund raising should be developed. In addition, sound mechanism, regulations and procedures must be established to ensure that funds are properly and effectively used.

      Improving the system, environment and approaches for financing and investment - Monopoly by departments and sectors must be broken and, instead, market-oriented operation in the infrastructure project development shall be promoted and non-governmental investment shall be encouraged. Continued efforts shall be made to regulate the prices for infrastructure products and services and to put into practice the governmental compensation and repayment mechanisms for some commercial infrastructure projects. "The Bidding Law" shall be further enforced, and the selection of project proprietors and contractors for all the important construction stages, including planning and designing, construction, project management, procurement of equipment and materials, shall be made open for national and international bidding. Successful fund raising experience should be drawn from the previous Olympic host cities and new approaches to fund raising developed.

      Consolidating fund management - funds for projects shall be allocated in preferential orders and in accordance with their degree of importance. Active co-ordination shall be made among the investors to optimise the program of financing, so as to disperse financing risks. Project management system shall be strengthened and budgets shall be strictly verified and rationally defined. New technologies and new materials should be put into use to lower construction costs, while the requirements for the functions of the facilities satisfied.

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