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A new fund that aims to encourage honest business dealings is due to be launched on Wednesday in Beijing as part of activities to mark the International Consumer's Day.

 

It has been set up by Chaoyang District's General Chamber of Commerce (GCC) and the Consumer Rights Protection Association.

 

Chengwaicheng, a furniture mall on the outskirts of Beijing, has donated 1 million yuan (US$125,000) to the fund.

 

Chaoyang District government will also input 100,000 yuan (US$12,500) each year to the plan.

 

"Any enterprise or individual promoting a credible business environment can benefit from the fund," Li Guibao, deputy director of Chaoyang GCC, was quoted by China Daily as saying.

 

A detailed commercial credit database will record and monitor enterprises in the district as part of the initiative, which will be used to assist the allocation of awards from the fund.

 

"We need support from both the consumers and the government to pave the way for the operation of the database system," he added.

 

Files consisting of each enterprise's current business status, trade details and records with banks, suppliers and consumers are a must for the database system, said Lu Xiang, deputy director of Chaoyang District Industrial and Commercial Bureau.

 

Rising complaints by consumers about so-called "special offers" and "high discounts" in stores will also be targeted by the monitoring system.

 

Chaoyang District, which hosts the capital's central business district, is home to more than half of the city's retail giants.

 

(Xinhua News Agency March 14, 2006)