China’s outsourcing industry sees 17.6% growth in 2023
BEIJING, CHINA — The services outsourcing industry in China reported a substantial increase, with data from the Ministry of Commerce highlighting a 17.6% rise in contract value to 2.87 trillion yuan ($404 billion) in 2023.
The actual service delivery, reflected in executed contracts, also grew by 18.6% to 1.96 trillion yuan ($272 billion).
The offshore segment of the industry, dealing with foreign clients, experienced a 12.9% increase, reaching 1.49 trillion yuan ($207 billion). This surge emphasizes China’s growing influence in the international outsourcing market, driven by its competitive edge.
China’s ascent in the outsourcing domain aligns with the global shift towards economic efficiency and specialization.
Last year, China’s service outsourcing sector saw a 15.5% year-on-year increase between January and July 2023, accumulating contracts worth 1.26 trillion yuan ($175 billion).
The industry also welcomed approximately 370,000 new professionals during this timeframe, with nearly 72.6% of them having a university degree or above.
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