This undated photo shows the Ministry of Commerce building in Beijing, China. (PHOTO / IC)
BEIJING – China's service outsourcing industry posted a steady expansion during the January-March period, data from the Ministry of Commerce showed.
Chinese firms inked service outsourcing contracts worth about 488.1 billion yuan (about $75 billion) in the first three months, up 10.3 percent year-on-year.
Chinese firms inked service outsourcing contracts worth about 488.1 billion yuan (about $75 billion) in the first three months, up 10.3 percent year-on-year
The executed contract value came in at 318.5 billion yuan during the period, with a year-on-year increase of 17.2 percent.
Outsourcing refers to hiring an outside party to perform services or make goods typically undertaken by in-house employees.
Of the total, offshore service outsourcing contract value rose 4.6 percent from a year ago to 264.8 billion yuan.
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Service outsourcing with members of the Regional Comprehensive Economic Partnership saw quicker growth, with the executed contract value rising 3.2 percent from a year earlier to 38.2 billion yuan in the January-March period.