China’s service outsourcing industry worth $363Bn in 2022
BEIJING, CHINA — The Ministry of Commerce reported that service outsourcing contracts made by Chinese firms reached over 2.4 trillion yuan (US$363 billion) in 2022, up 14.2% year-on-year (y-o-y).
About 1.65 trillion yuan (US$244 billion) of those contracts were executed before the year ended, up 10.3% over the previous year.
Specifically, Chinese companies’ executed contract value for offshore Business Process Outsourcing (BPO) services hit 146.2 billion yuan (US$21.7 billion), up 11.8% from 2021.
Meanwhile, executed Knowledge Process Outsourcing (KPO) contracts made 381.9 billion yuan (US$56.6 billion), up 6.2% y-o-y.
The United States (U.S.), the European Union (EU), and China’s Hong Kong Special Administrative Region (HKSAR) accounted for 53.9% of the total fulfilled contract value of offshore service outsourcing in the past year.
Chinese private companies completed 284.4 billion yuan (US$42.2 billion) of offshore service outsourcing contracts, 31.8% of the total and an increase of 22.6% from the previous year.
