Business
19:19, 12-Sep-2017
China's service outsourcing industry on the rise
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The eighth China Sourcing Summit will take place in Hangzhou in eastern Zhejiang Province on September 28th and 29th, the Ministry of Commerce has announced.
China has seen significant growth in the service outsourcing sector in the last ten years, with the sector growing for 10 consecutive years.
It has grown in value from 1.4 billion US dollars in 2006 to 106.5 billion US dollars last year, an average annual growth of 54%.
Offshore service outsourcing has also been on the rise, now taking a global market share of 33%.
Since 2006, China has issued a series of policies aimed at promoting the service outsourcing industry.
The country has designated 31 exemplary cities for the business, mostly concentrated in the Yangtze River Delta, Pearl River Delta and Bohai Rim region, which make up around 93% of the contract value of the country.
China’s service outsourcing industry has been concentrated in labor intensive businesses.
In the future China aims to put more emphasis on developing high added-value service outsourcing, with a focus on knowledge processing.
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