China’s service outsourcing up 14.4% in early ’24

China’s service outsourcing industry is growing rapidly, with contracts worth nearly 781.43 billion yuan signed in the first four months of 2024, a 14.4 per cent increase for the same period in the previous year, Xinhua reported on Tuesday.

The value of completed contracts also rose steadily, reaching 520.51 billion yuan, up 12.9 per cent compared to the same period in 2023.

Offshore service outsourcing, a key segment of the industry, displayed growth as well. Contracts in this area reached 419.04 billion yuan, reflecting an 8.6 per cent year-on-year increase.

During the January-April period, about 301,000 new hires joined the sector, with a remarkable 84.7 per cent boasting university degrees or higher qualifications.