China's ser­vice out­sourc­ing con­tin­ues to grow in Jan-Feb

The Pak Banker - - 6BUSINESS -

BEI­JING: China's ser­vice out­sourc­ing in­dus­try con­tin­ued to grow in the first two months of this year de­spite eco­nomic head­winds, the Min­istry of Com­merce (MOC) said Thurs­day. Chi­nese com­pa­nies inked ser­vice out­sourc­ing con­tracts worth $16.92 bil­lion, up 7.5 per­cent year on year, Shen Danyang, spokesper­son for the MOC, told a press con­fer­ence.

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

Co­op­er­a­tion in ser­vice out­sourc­ing with coun­tries along the Belt and Road saw quicker 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 51 per­cent of all projects, ac­cord­ing to Shen Danyang. Re­gions along the Yangtze River eco­nomic belt saw ro­bust de­vel­op­ment in ser­vice out­sourc­ing dur­ing the pe­riod with to­tal con­tract value reach­ing 41.87 bil­lion yuan in off­shore ser­vice out­sourc­ing, up 12.2 per­cent year on year and ac­count­ing for 55.4 per­cent of the to­tal na­tion­wide, said Shen.

China is the world's se­cond largest ser­vice out­sourc­ing provider af­ter In­dia. The State Coun­cil de­scribed the sec­tor as a "green in­dus­try" that will be a new en­gine for ter­tiary in­dus­try and a boon to in­creas­ing em­ploy­ment.

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