The value of China's offshore outsourcing contracts with the Belt and Road (B&R) countries surged 97.8 percent year on year to 61.6 billion yuan in the first four months of the year, the Ministry of Commerce (MOC) said recently.
The executed contract value of the outsourcing business with B&R countries stood at 34.3 billion yuan, up 35.6 percent year on year.
During the same period, the executed contract value of China's overall outsourcing business came in at 194.3 billion yuan, up 30.3 percent from a year earlier.
Chinese enterprises carried out outsourcing contracts worth 542.4 billion yuan, up 44.9 percent year on year, while the execution value reached 335.9 billion yuan, up 35.6 percent compared with the same period last year.
In the first four months, a total of 67.9 billion yuan of service outsourcing contracts were conducted by Chinese private enterprises, soaring 60 percent year on year, while foreign-invested companies received 165.9 billion yuan of offshore service outsourcing contracts, up 16.2 percent year on year.
Specifically, the contracts execution amount of Information Technology Outsourcing (ITO), Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) undertaken by enterprises stood at 91.3 billion yuan, 36.4 billion yuan and 66.6 billion yuan, respectively.
Thanks to the rapid development of information technology service amid the COVID-19 epidemic, the ITO services such as cloud computing and e-commerce services has increased significantly, according to Li Jun, an expert with the Academy of International Trade and Economic Cooperation (AITEC) of China's MOC.
As of April of 2021, China's service outsourcing business had created 13.19 million jobs, of which a total of 290,000 jobs were added during the first four months of the year, up 17.3 percent year on year.