BEIJING, Aug. 28 (Xinhua) — China’s service outsourcing industry posted steady expansion during the January-July period, data from the Ministry of Commerce showed.
Chinese firms inked service outsourcing contracts worth about 976 billion yuan (about 150.47 billion U.S. dollars) from January to July, up 27.8 percent year on year.
The executed contract value came in at 650 billion yuan during the period, with a year-on-year increase of 26.6 percent.
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.
Of the total, offshore service outsourcing contract value rose 21.9 percent from a year ago to 551.1 billion yuan.
Service outsourcing with countries along the Belt and Road saw quicker growth, with contracts valued at 109.6 billion yuan for the January-July period, rising 46.1 percent from a year ago.
Originally Appeared Here