Chinese service outsourcing industry shows strong growth in January-April
Date
5/21/2024 8:14:33 AM
(MENAFN) China's service outsourcing industry has demonstrated robust growth in the first four months of this year, according to the Ministry of Commerce's latest report on Tuesday.
During this period, Chinese firms secured services outsourcing contracts totaling nearly 781.43 billion yuan (about 110 billion U.S. dollars), marking a notable increase of 14.4 percent compared to the same period last year, the ministry revealed. The executed contract value amounted to 520.51 billion yuan, reflecting a year-on-year growth rate of 12.9 percent.
Of particular significance is the rise in the value of offshore service outsourcing contracts, which increased by 8.6 percent year on year to reach 419.04 billion yuan. This underscores the growing internationalization of China's service outsourcing industry, with businesses expanding their global footprint through offshore partnerships and collaborations.
The industry's expansion has also had a positive impact on employment, with approximately 301,000 new hires recorded during the January-April period. Impressively, the majority of these individuals, accounting for 84.7 percent, possess a university degree or above, reflecting the sector's emphasis on skilled talent acquisition and professional development.
Service outsourcing, a common practice in modern business operations, involves the delegation of specific tasks or functions to external entities. This strategy enables companies to streamline operations, optimize resource allocation, and leverage specialized expertise to enhance overall efficiency and competitiveness in the global marketplace.
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