A report released on Sunday said that the service outsourcing industry in China has emerged as a key area of growth. In 2013, the value of this industry reached 1.7 trillion yuan (USD 272 billion). This accounts for as much as 2.97% of China’s total gross domestic product (GDP) recorded in 2013. That’s not all. The services outsourcing industry contributed about 0.8% to the economic growth of the world’s second-largest economy. These figures were reported in the ‘2014 Development Report of China\'s Outsourcing Brand Development’. The report was released on Sunday, June 15, 2014 at the Global Service Trade and Outsourcing Summit that is being held in Qingdao in the Shandong province till Monday. The release was officially made by the Chinese Academy of International Trade and Economic Cooperation.
The report further states that the services outsourcing industry in China provides the economy with as many as 5.36 million direct employment opportunities and about 17.8 million indirect employment opportunities. In 2013 alone, this industry was reported to have created new jobs to the tune of a whopping 1.06 million. This figure represents 8.1% of all new jobs created in urban China.
Further, the report notes that information technology outsourcing remains the dominant industry in the service outsourcing sector. Within the IT outsourcing industry, the knowledge process outsourcing (KPO) segment witnessed rapid growth in 2013. China conducts off-shore outsourcing activities in as many as 200 countries and has tapped many potentially lucrative markets in the Asia-Pacific region. China’s domestic services outsourcing industry market continues to thrive as well.