On September 11, it was learnt from the 2016 Global Service Outsourcing Summit jointly sponsored by the Chinese Academy of International Trade and Economic Cooperation (CAITEC) of the Ministry of Commerce and the People’s Government of Nanjing that, the scale of China’s service outsourcing industry has expanded to more than USD100 billion, while the amount of executed contracts on offshore service outsourcing increased from USD1.38 billion in 2006 to USD64.64 billion in 2015, by which China has become a country with great strength in service outsourcing in the world. This should be due to the further progress of the globalization of the service industry and the development of the Chinese service industry. Now, the service outsourcing industry of China is entering a new golden development period.

 

Statistics of the Ministry of Commerce indicated that, in the first half of the year, the total amount of service outsourcing contracts signed by Chinese enterprises reached RMB506.99 billion, while the amount of executed contracts reached RMB305.65 billion, up 39.6% and 13%. The amount of offshore service outsourcing contracts reached RMB358.21 billion, while the amount of executed contracts reached RMB196.12 billion, up 55.2% and 9.7%.

 

Gu Xueming, president of CAITEC, said that, in recent years, with continuously deepened economic globalization, the opening-up and development of the service industry has become a focus for international economic cooperation and competition, and service trade and service outsourcing have been paid widespread attention. Especially, under the promotion of the new round of science and technology reform and industrial transformation, digital economy and sharing economy are emerging fast, while service specialization and outsourcing have a simultaneous development, with increasingly enhanced service innovation and value creation abilities. Therefore, there are great prospect and huge potential for development of service trade and service outsourcing.

 

It is estimated that, in 2015, the service outsourcing industry of China drove a GDP growth of 0.56 percentage point; the proportion of the scale of the industry in the added value of the service industry increased to 7.1%, and the rate of contribution of the industry to the growth of the service industry was 13.6%.

 

Source: Translated from Invest Guangzhou, September 12, 2016