According to a Xinhua News Agency report, the Chinese government has approved new policies which should encourage state and local government agencies to buy high-tech products from domestic makers, and not from overseas companies. The State Council has directed the Ministry of Finance to make a catalogue of Chinese-made high-tech products, which will be put on a priority list to be distributed to all relevant government agencies. For certain high-tech projects deemed of key importance by the State Council, a minimum of 60% of total procurement value should be used for Chinese-made equipment, which will be first in line even when overseas companies are offering their products at a more competitive price. However, it is said that overseas companies do a have a chance of obtaining high-tech government orders if they would allow for technological transfers to China.