From January to November this year, Chinese companies undertook service outsourcing contracts worth RMB 1.29779 trillion (the same currency below), and executed RMB 922.6 billion, up by 12.9% and 16.4% respectively. In breakdown, the contractual and executed values for offshore outsourced services stood at RMB 765.88 billion and RMB 562.99 billion, up by 11.5% and 16.6% year-on-year (in USD terms, the contractual and executed values for services outsourcing were USD 187.86 billion and USD 133.51 billion, up by 10.3% and 13.7% year-on-year. The contractual and executed values for offshore services outsourcing were USD 110.5 billion and USD 81.51 billion, up by 8.2% and 14% year-on-year.)

In terms of structure, from January to November, Chinese companies executed ITO, BPO, KPO contracts worth RMB 260.14 billion, RMB 88.14 billion and RMB 214.71 billion, up by 16.4%, 14.4% and 17.8% respectively. The executed value of offshore IC and electronic circuit design services reached RMB 39.9 billion, up by 54.7%. The executed value of offshore pharmaceutical and biological technology research and development reached RMB 38.74 billion, up by 26.4%.

In terms of market, in the first 11 months, Chinese companies executed offshore services from the US, Hong Kong SAR, the EU, Japan, Singapore, and ROK worth RMB 126.37 billion, RMB 96.85 billion, RMB 89.13 billion, RMB 51.66 billion, RMB 30.86 billion and RMB 29.33 billion, up by 29.4%, 17.6%, 11.1%, 13.9%, 15.7% and 25.8%, accounting for 75.3% of the total executed value of offshore services. Chinese companies executed offshore services from Belt and Road countries worth RMB 99.12 billion, up by 8.1%.

In terms of regions, from January to November, the value of offshore outsourced services provided in the Yangtze River Delta Region grew by 18.5% year-on-year to RMB 297.92 billion, accounting for 52.9% of the national total. The value of offshore outsourced activities in the Beijing-Tianjin-Hebei region grew by 12.5% year-on-year to RMB 40.44 billion. The executed value of offshore services in the Greater Bay Area stood at RMB 77.5 billion, a year-on-year increase of 16.4%. The 31 demonstration cities of service performed offshore outsourced activities worth RMB 467.6 billion, up 13.7% year-on-year and accounting for 83.1% of the national total.

In terms of entities, from January to November, the value of offshore outsourced services provided by private businesses rose by 25.1% year-on-year to RMB 137.72 billion, 8.5 percentage points higher than the national average growth rate. The foreign-invested enterprises executed offshore outsourced activities worth RMB 251.09 billion, up by 11.9% and accounting for 44.6% of the national total.

In terms of job creation, As of November this year, China’s services outsourcing sector created a total of 12.578 million jobs cumulatively. 8.01 million (63.7%) of these new workers have at least obtained a bachelor’s degree. From January to November, China’s services outsourcing sector created 858,000 million jobs. 509,000 million (59.3%) of these new workers have at least obtained a bachelor’s degree.