China’s service outsourcing continues to grow

China’s service outsourcing industry continued to grow in the first twomonths of this year despite economic headwinds, the Ministry of Commerce(MOC) said Thursday.

Chinese companies inked service outsourcing contracts worth $16.92 billion, up7.5 percent year on year, Shen Danyang, spokesperson for the MOC, told a pressconference.

Among the deals were offshore service outsourcing contracts valued at 75.54billion yuan ($11.64 billion) in the first two months, rising 28.5 percent year onyear.

Cooperation in service outsourcing with countries along the Belt and Road sawquicker growth, with contracts valued at 11.8 billion yuan for the January-February period, surging 13 percent from a year ago.

Outsourcing of information technology-related contracts accounted for 51percent of all projects, according to Shen Danyang.

Regions along the Yangtze River economic belt saw robust development inservice outsourcing during the period with total contract value reaching 41.87billion yuan in offshore service outsourcing, up 12.2 percent year on year andaccounting for 55.4 percent of the total nationwide, said Shen.

China is the world’s second largest service outsourcing provider after India. TheState Council described the sector as a “green industry” that will be a new enginefor tertiary industry and a boon to increasing employment.

Source: chinadaily-China’s service outsourcing continues to grow

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