China's service outsourcing industry posts steady growth in 2022

China's service outsourcing industry maintained a stable expansion in 2022, reflecting strong resilience and vitality, according to data from the Ministry of Commerce. This was reported by The Xinhua News Agency.

Chinese firms inked service outsourcing contracts worth nearly ¥2.44 trln (about $362 bln) last year, up 14.2% year on year, the data revealed.

The executed contract value came in at ¥1.65 trln in 2022, marking a yearly increase of 10.3%.

Outsourcing refers to hiring an outside party to carry out services or produce goods typically undertaken by in-house employees.

Of the total, the value of the offshore service outsourcing contract rose 16.7% year on year to about ¥1.32 trln.

In terms of the executed contract value, offshore service outsourcing with members of the Regional Comprehensive Economic Partnership and Belt and Road countries went up 4.2% and 12.7%, respectively.

In 2022, the offshore service outsourcing undertaken by China's private sector accounted for 31.8% of the country's total, while that conducted by foreign-funded companies took up 43.4%.