China’s service outsourcing grew by 11.9%
China’s service outsourcing industry registered a steady expansion with an 11.9% year-on-year growth during the January to May period.
In data released by the Ministry of Commerce, Chinese firms secured service outsourcing contracts worth about 726.6 billion yuan (US$108.29 billion) in the first five months of 2022.
The executed contract value came in at 466.3 billion yuan (US$69.6 billion) during the period, with a year-on-year increase of 14.6%.
Outsourcing is the business practice of hiring a party outside a company to perform services and make goods traditionally undertaken by the company’s employees.
Out of the total outsourcing contracts, the offshore service outsourcing contract value rose by 13.2% y-o-y to 412.9 billion yuan (US$61.6 billion), while the executed contract value increased by 11.1% from a year earlier to 263.9 billion yuan (US$39.4 billion) in the January-May period.
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