China’s service outsourcing industry experienced robust expansion in the initial half of the current year, as per the latest data released by the Ministry of Commerce.
During this period, Chinese companies signed service outsourcing contracts worth nearly 1.1 trillion yuan (approximately 153.9 billion U.S. dollars), reflecting a notable 10.6 percent year-on-year increase.
The executed contract value reached an impressive 740 billion yuan, indicating a substantial year-on-year rise of 14.7 percent.
Notably, the value of offshore service outsourcing contracts recorded a remarkable surge of 15.1 percent compared to the corresponding period last year, amounting to 630 billion yuan.
Further analysis reveals that in terms of executed contract value, offshore service outsourcing engagements with the United States, the European Union, and members of the Regional Comprehensive Economic Partnership expanded by 16.4 percent, 14.8 percent, and 22.2 percent respectively, within the first six months of 2023.
In this period between January and June, the industry also made a significant contribution to employment, generating job opportunities for approximately 330,000 individuals, with a noteworthy 73.2 percent of these new hires holding a university degree or above.
Service outsourcing, as a practice, involves delegating services or production tasks that are typically conducted by in-house employees to external parties.