China’s service outsourcing industry sees steady growth in January-July

 BEIJING, Aug. 19 (Xinhua) — China’s service outsourcing industry saw steady expansion in the first seven months of this year, according to the Ministry of Commerce.

   Chinese firms undertook service outsourcing contracts worth 1.26 trillion yuan (about 175 billion U.S. dollars) during the period, up 15.5 percent year on year.

   Of the total, the value of offshore service outsourcing contracts rose 17.1 percent year on year to 719.5 billion yuan.

   In the January-July period, the industry welcomed about 370,000 new hires, with 72.6 percent of these individuals holding a university degree or above.

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