China’s Service Outsourcing Industry reported Stable Growth in the first 10 months of 2020, the Ministry of Commerce said Friday.
Chinese Firms inked Service Outsourcing Contracts worth about 1.09 trillion yuan (about 166.78 billion U.S. dollars) during the January-October period, up by 9.3 percent year on year.
The executed contract value for offshore business process outsourcing (BPO) and knowledge process outsourcing (KPO) during that period, grew by 13 and 12.9 percent year on year, respectively.
Offshore IC and electronic circuit design services and offshore pharmaceutical and biological technology services were among the fastest growth.
In terms of market, the offshore services Chinese companies executed with Partner Countries from Belt & Road rose by 6.2 percent year-on-year during the first 10 months.
In terms of job creation, from January to October, China’s outsourcing sector created 699,000 jobs. Around 60 percent, or 419,000, of these new workers have at least obtained a bachelor’s degree, including those who have finished college education.
Outsourcing is the business practice of hiring a party outside a company to perform services and make goods traditionally undertaken by the company’s employees.
In China, service outsourcing is typically divided into three sub-sectors: information technology outsourcing, business process outsourcing and knowledge process outsourcing.