BEIJING, June 16 (ABC): China’s service outsourcing industry notched a steady expansion during the January-May period, data from the Ministry of Commerce showed.
Chinese firms inked service outsourcing contracts worth about 726.6 billion yuan (about 108.29 billion U.S. dollars) in the first five months, up 11.9 percent year on year.
The executed contract value came in at 466.3 billion yuan during the period, with a year-on-year increase of 14.6 percent.
Outsourcing is the business practice of hiring a party outside a company to perform services and make goods traditionally undertaken by the company’s employees.