China’s outsourcing industry up 15.5% in 7 months
BEIJING, CHINA — China’s service outsourcing sector saw a 15.5% year-on-year increase between January to July 2023, accumulating contracts worth 1.26 trillion yuan ($175 billion).
China’s Ministry of Commerce revealed that offshore contracts for the period surged to 719.5 billion yuan (US$99.8 billion), marking a 17.1% growth from the previous year.
The industry also welcomed approximately 370,000 new professionals during this timeframe, with nearly 72.6% of them having a university degree or above.
This news comes as the Ministry announced a steady growth in China’s outsourcing sector. Last month, the outsourcing deals made with Chinese firms reached 1.1 trillion yuan (US$153.9 billion).
Outsourcing deals with key partners also expanded. Specifically, agreements with the United States (U.S.), the European Union (EU), and members of the Regional Comprehensive Economic Partnership (RCEP) grew by 16.4%, 14.8%, and 22.2%, respectively.
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