China’s service outsourcing industry up 12.1% y-o-y
China’s service outsourcing industry increased by 12.1% year-on-year to 1.094 trillion yuan (US$160.42 billion) during the year’s first seven months.
According to data released by the Ministry of Commerce, Chinese firms posted a steady expansion between January to July 2022 as the value of offshore service outsourcing contracts rose by 11.5% y-o-y to 614.2 billion yuan (US$89 billion).
Meanwhile, executed contract value came in at 735.1 billion yuan (US$107 billion), increasing by 13.1% year-on-year.
In terms of the executed contract value, service outsourcing with the United States (US), the European Union (EU), and members of the Regional Comprehensive Economic Partnership (RCEP) expanded 14.8%, 14.5%, and 7.7% y-o-y, respectively.
Outsourcing is the act of hiring an outside party to carry out services or produce goods typically undertaken by in-house employees.
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