China's service outsourcing industry logs stable growth in 2022

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Chinese firms signed service outsourcing contracts worth over 2.4 trillion yuan ($363 billion) in 2022, an increase of 14.2 percent year on year, and executed 1.65 trillion yuan of those contracts, up 10.3 percent over the previous year, according to the Ministry of Commerce on Thursday.

In 2022, Chinese companies' executed contract value for offshore business process outsourcing was 146.2 billion yuan, up 11.8 percent from the previous year. Meanwhile, the executed contract value of knowledge process outsourcing was 381.9 billion yuan, a 6.2 percent year-on-year increase.

The U.S., China's Hong Kong Special Administrative Region (HKSAR) and the European Union together accounted for 53.9 percent of the total fulfilled contract value of offshore service outsourcing in the past year.

Chinese private companies completed 284.4 billion yuan of offshore service outsourcing contracts, 31.8 percent of the total and an increase of 22.6 percent from the previous year.

(Cover via CFP)

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