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.
Related news
- ‘Roasted 0ktapus’ hackers are back with primary focus on the BPO industry · 3 Feb
- India’s BPO hiring activity up 16% in January · 3 Feb
- Movate appoints new Chief Delivery Officer following major rebrand · 2 Feb
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
