China’s service outsourcing sector up 18.2% in Q1
BEIJING, CHINA — China’s service outsourcing industry saw a steady expansion of CNY576.8 billion (US$83.9 billion) in the first three months of 2023, up 18.2% year-on-year (YoY).
According to data from the Chinese Ministry of Commerce, the executed contract value in Q1 reached CNY396.1 billion (US$57.4 billion), up 24.4% from last year’s figures.
Meanwhile, the value of offshore service outsourcing contracts rose 18.1% YoY to about CNY312.7 billion (US$45.3 billion).
Regarding the executed contract value, offshore service outsourcing contracts with the United States, the European Union, and members of the Regional Comprehensive Economic Partnership expanded by 21.7%, 32.2%, and 34.3%, respectively.
China’s private sector took up 27.8% of the country’s total offshore service outsourcing contracts in Q1, while foreign-funded companies were in charge of 49.7%.
