China's Economic Growth

China has purchased 400 billion yuan (roughly $55.6 billion) of goods and services in 2007. This figure is a new high compared to the 368.1 billion in 2006. In the past five years the Chinese government has diversified its consumption from only commodities to more services. The Chinese procurement list now holds an estimated 4,770 items--with energy-saving products accounting for the majority of those products. The large amount of energy-saving products is a result of the Chinese government trying to reduce both energy consumption and emissions. The Chinese government will also start pushing for more innovation of technological products this year by giving good incentives to businesses in hopes of starting high-tech industries. Since China's economy is expanding so rapidly, it is apparent that the Chinese government (with saving energy and technological incentives) wants the country to be a competitor in the global economy.