China’s outsourcing sector sees steady growth in H1
BEIJING, CHINA — The outsourcing sector in China demonstrated robust growth in the first half of the year, as per the latest data released by the Ministry of Commerce.
According to the ministry, outsourcing deals within Chinese firms increased by 10.6% year-on-year to 1.1 trillion yuan (US$153.9 billion).
Specifically, the value of executed contracts amounted to 740 billion yuan (US$103 billion), a noteworthy 14.7% annual increase.
Offshore outsourcing contracts made up a significant chunk, with values soaring by 15.1% to 630 billion yuan (US$87.6 billion) from the previous year.
During these six months, offshore outsourcing involving the United States (U.S.), European Union (EU), and Regional Comprehensive Economic Partnership (RECP) members expanded by 16.4%, 14.8%, and 22.2%, respectively.
The industry’s robust health also manifested in its employment statistics, creating 330,000 new jobs. Over 73.2% of these recruits held a university degree, reflecting the sector’s demand for skilled labor.
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