China’s service outsourcing industry has witnessed consistent growth in the initial four months of the current year, as per data released by the Ministry of Commerce.
During the January-April period, Chinese companies secured service outsourcing contracts valued at approximately 683.1 billion yuan (equivalent to around 97.1 billion U.S. dollars), reflecting a 15.8 percent increase compared to the previous year.
The executed contract value amounted to 461.2 billion yuan, indicating a notable year-on-year growth of 19.1 percent.
Within the overall figures, the value of offshore service outsourcing contracts surged by 15.6 percent compared to the same period in the previous year, reaching 386 billion yuan.
Regarding the executed contract value, offshore service outsourcing with the United States, the European Union, and members of the Regional Comprehensive Economic Partnership expanded by 18.9 percent, 21 percent, and 24.4 percent year on year, respectively, during the first four months of this year.
Outsourcing involves the delegation of services or production of goods to external parties, a practice that is typically undertaken by in-house employees.