China's service outsourcing industry posts steady H1 growth

China's service outsourcing industry reported stable growth in the first half of 2020, according to the Ministry of Commerce.

Chinese firms inked service outsourcing contracts worth about 679.53 billion yuan (about $97.2 billion) in the first half, up 5.9 percent year-on-year.

The executed contract value stood at 450.13 billion yuan from January to June, a year-on-year increase of 10.9 percent.

Of the total, the value of offshore service outsourcing contracts reached 403.83 billion yuan during the period, up 1.8 percent year-on-year.

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.

In China, service outsourcing is typically divided into three sub-sectors: information technology outsourcing, business process outsourcing and knowledge process outsourcing.