China’s services outsourcing industry reports steady growth

This undated photo shows the Ministry of Commerce building in Beijing, China. (IC)

BEIJING – China's services outsourcing industry posted rapid expansion in the first five months of the year, data from the Ministry of Commerce shows.

Chinese firms inked services outsourcing contracts worth approximately 649.1 billion yuan (about US$100.85 billion) from January to May, up 39 percent year on year.

The executed contract value came in at 406.9 billion yuan during the period, a year-on-year increase of 30.8 percent.

Outsourcing is the business practice of hiring an external party to perform services and make goods traditionally undertaken by the company's employees.

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Of the total, the offshore services outsourcing contract value climbed 25.9 percent from a year earlier to 364.8 billion yuan. The figure represented a 19.2 percent increase compared with the same period in 2019.