China’s outsourcing industry passes USD145bn

China continues to cement its status as one of the global outsourcing locations in the world, with the country’s outsourcing industry surpassing Rmb1tr (USD145bn) for the first time in 2015. Chinese businesses inked service outsourcing contracts worth Rmb1.02tr in 2016, up 20.1% from 2015, the Ministry of Commerce (MOC) said. China is the world’s second-largest service outsourcing provider, accounting for 33% of the global market. The top seven globally accepted locations in specific order are India, China, the Philippines, Malaysia, Brazil and Indonesia. China is becoming the favorite for basic low value services, the Philippines is preferred destination for financial services and voice-based support.