China's service outsourcing industry posts steady growth

China's service outsourcing industry posted a steady expansion in the first seven months of this year, data from the Ministry of Commerce showed Monday.

Chinese firms signed service outsourcing contracts worth about 1.094 trillion yuan (about 160.42 billion U.S. dollars) in the January-July period, up 12.1 percent year on year.

The executed contract value came in at 735.1 billion yuan during the period, with a year-on-year increase of 13.1 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 the offshore service outsourcing contract rose 11.5 percent over the last year to 614.2 billion yuan.

In terms of the executed contract value, service outsourcing with the United States, the European Union, and members of the Regional Comprehensive Economic Partnership expanded 14.8 percent, 14.5 percent, and 7.7 percent year on year, respectively, in the first seven months of 2022.