BEIJING, Dec. 18 (Xinhua) -- China's service outsourcing industry posted stable growth in the first 11 months of 2020, data from the Ministry of Commerce showed.
Chinese firms inked service outsourcing contracts worth about 1.298 trillion yuan in the Jan.-Nov. period, up 12.9 percent year on year.
The executed contract value stood at 922.6 billion yuan in the first 11 months, representing a year-on-year increase of 16.4 percent.
Of the total, offshore service outsourcing contracts amounted to 765.88 billion yuan during the period, up 11.5 percent year on year.
The executed value of offshore service outsourcing contracts increased 16.6 percent year on year during the period to 562.99 billion yuan.
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. (Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
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