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News » China’s outsourcing industry hits $215.4Bn in decade-long boom

China’s outsourcing industry hits $215.4Bn in decade-long boom

chinas-outsourcing-decade-long-boom
Photo from ChinaFotoPress

BEIJING, CHINA — China‘s services outsourcing industry has undergone significant expansion over the past decade, becoming a key driver of the nation’s services exports.

Data from the Chinese Ministry of Commerce revealed that the annual value of offshore services outsourcing contracts signed by Chinese firms skyrocketed from $62.3 billion in 2013 to $215.4 billion in 2023, achieving an annual average growth rate of 13.2%.

Offshore outsourcing: China’s major export contributor

In 2023, the executed contract value for offshore services outsourcing reached $151.4 billion, reflecting a 10.6% increase from the previous year. This sector accounted for 40% of China’s total services exports, underscoring its pivotal role in the country’s economic framework. 

Ministry official Wang Dongtang highlighted the sector’s significance, stating that China’s services outsourcing industry has become an important engine driving the country’s services exports.

Building a highly skilled workforce

By July 2023, the services outsourcing industry had generated 16.34 million jobs in China. Of these, 10.67 million positions were filled by individuals with a university degree or higher qualification, demonstrating the industry’s reliance on a highly skilled workforce. 

This shift towards high-tech, high-value services reflects the sector’s ongoing transformation.

Strategic policy support and future outlook

Looking forward, China is set to bolster policy support to advance its services outsourcing industry further. The government aims to foster leading enterprises and innovate new service models that emphasize quality and efficiency. 

Wang Dongtang remarked, “Efforts will be made to cultivate leading enterprises in the sector and develop new models of services outsourcing.”

Global leadership and economic impact

As China continues to establish itself as a global leader in services outsourcing, the industry is poised to sustain its growth trajectory. This expansion is expected to play a crucial role in enhancing China’s economic growth and global competitiveness. 

The strategic focus on high-tech and high-value services positions China to capitalize on emerging opportunities in the global market, further solidifying its status as a powerhouse in the services outsourcing sector.

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