6.67 Trillion Dollars Worth of Public Purchases in China in One Year

China’s public purchases exceeded 48 trillion yuan ($6.67 trillion) in 2022, with the market injecting new growth momentum into China’s economy, according to a report by the Chinese Logistics and Procurement Federation.

According to the report, there is a trend towards shifting public procurement activities to supply chain management. China’s public procurement stood at more than 45 trillion yuan in 2021, according to a previous report by the Union.

Moreover, the Ministry of Commerce said that the country’s services trade maintained its growth momentum in the first five months of this year.

According to the Chinese news agency Xinhua, data released by the ministry showed that China’s services trade amounted to about 2.61 trillion yuan ($362 billion) during the last January-May period, up 10.2 per cent year-on-year.

The data indicated that trade in knowledge-intensive services expanded by 13.6 per cent year-on-year to exceed 1.12 trillion yuan in the period.

This figure represents 43.1 per cent of the country’s total volume of services trade, 1.3 percentage points higher than in the corresponding period last year.

Travel services recovered markedly during the period, with trade in the sector rising by 67 per cent year-on-year, to 552.54 billion yuan, according to the Ministry.
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