China increases gov’t procurement in 2020: ministry

Xinhua Xinhua

06th Sep, 2021. 03:53 pm
China

BEIJING: Government procurement in China rose 11.8 per cent last year as it played an increasing role in supporting economic and social development, showed data from the Ministry of Finance (MoF).

The value of national government procurement reached 3.7 trillion yuan (about $572.5 billion) in 2020, the MoF data showed.

The amount accounted for 10.2 per cent of the national fiscal spending and 3.6 per cent of China’s economic output.

Government purchase has aided the development of green industries, small businesses and poor regions, according to the ministry.

Micro, small and medium-sized enterprises signed contracts worth 2.8 trillion yuan in government purchase last year, accounting for 75.5 per cent of the total purchase value, the data showed.

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