China’s 2025 Government Procurement Reached 3.32 Trillion Yuan

The composition matters more than the headline figure: works and services together dwarf goods, and decentralized procurement at over three-quarters of the total suggests spending authority sits well outside a single centralized channel. That structure is what any supplier, including tokenized-procurement or RWA infrastructure plays, would have to navigate. The open question is whether public bidding's share shifts over time, since that ratio — not the aggregate — signals how open the process actually is to new entrants.