25 November 2022, Friday, 09:58 197

China's service outsourcing industry logs stable growth

Редактор: Тимофій Борзенко

People visit the Achievement Exhibition of China's Trade in Services during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China. Photo by Xinhua/Li Xin.

China's service outsourcing industry saw a steady expansion in the first 10 months of this year, according to data from the Ministry of Commerce. This was reported by The Xinhua News Agency.

Chinese firms inked service outsourcing contracts worth about ¥1.54 trln (about $216 bln) in the January-October period, up 14.4% year on year.

The executed contract value stood at ¥1.06 trln during the period, with a year-on-year increase of 13.3%.

Of the total, the value of the offshore service outsourcing contract rose 14.6% over the same period last year to ¥875.7 bln.

In terms of the executed contract value, offshore service outsourcing with the United States, the European Union and members of the Regional Comprehensive Economic Partnership expanded 10.5%, 19.6% and 7.5% year on year, respectively, in the first 10 months of this year.

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

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