China's service outsourcing industry reports robust expansion
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BEIJING - China's service outsourcing industry saw robust expansion in the first four months of this year, the Ministry of Commerce said on Tuesday.
Chinese firms inked services outsourcing contracts worth a total of nearly 781.43 billion yuan ($110 billion) in the four-month period, up 14.4 percent year-on-year, according to the ministry.
The executed contract value stood at 520.51 billion yuan, a year-on-year increase of 12.9 percent.
Of the total, the value of offshore service outsourcing contracts rose 8.6 percent year-on-year to 419.04 billion yuan.
In the January-April period, the industry welcomed about 301,000 new hires, with 84.7 percent of these individuals holding a university degree or above.
Outsourcing refers to hiring an outside party to carry out services or produce goods typically undertaken by in-house employees.