China's government procurement tops 3.3 trillion yuan in 2024

China's government procurement neared 3.38 trillion yuan (about 477.18 billion U.S. dollars) in 2024, according to data released by the Ministry of Finance on Wednesday.

Engineering purchases took the largest share, exceeding 1.38 trillion yuan and accounting for 41.01 percent of the annual spending, per the data.

Goods procurement came in at approximately 794.47 billion yuan, accounting for 23.54 percent of the total, and services procurement approached 1.2 trillion yuan, making up 35.45 percent.

Open bidding was the primary government procurement method last year, followed by competitive consultation and framework agreements, the ministry said.