ECONOMY

Service Outsourcing

Chinese firms signed service outsourcing contracts worth 987.5 billion yuan ($146.1 billion) in the first half of the year, up 12.3 percent from the same period of 2021, data from the Ministry of Commerce showed on July 20.

The executed contract value came in at 645.4 billion yuan ($95.5 billion), with a year-on-year increase of 14.3 percent.

Outsourcing refers to hiring an outside party to carry out services or produce goods typically undertaken by in-house employees.

Of the total, the value of offshore service outsourcing contracts rose 10.7 percent to 547.3 billion yuan ($81 billion).

In terms of the executed