China's service outsourcing industry sees steady growth in January-July

BEIJING - China's service outsourcing industry saw steady expansion in the first seven months of this year, according to the Ministry of Commerce.

Chinese firms undertook service outsourcing contracts worth 1.26 trillion yuan ($175 billion) during the period, up 15.5 percent year-on-year.

Of the total, the value of offshore service outsourcing contracts rose 17.1 percent year-on-year to 719.5 billion yuan.

In the January-July period, the industry welcomed about 370,000 new hires, with 72.6 percent of these individuals holding a university degree or above.

Outsourcing refers to hiring an outside party to carry out services or produce goods typically undertaken by in-house employees.