F.P. Report
BEIJING: China’s service outsourcing industry saw steady expansion in the first half of this year, according to data from the Ministry of Commerce.
Chinese firms inked service outsourcing contracts worth nearly 1.1 trillion yuan (about 153.9 billion US dollars) during the period, up 10.6 percent year on year.
The executed contract value stood at 740 billion yuan during this period, with a year-on-year increase of 14.7 percent.
Of the total, the value of offshore service outsourcing contracts rose 15.1 percent compared to the same period last year, reaching 630 billion yuan.
In terms of the executed contract value, offshore service outsourcing involving the United States, the European Union and members of the Regional Comprehensive Economic Partnership expanded 16.4 percent, 14.8 percent and 22.2 percent year on year, respectively, in the first six months of 2023.
In the January-June period, the industry brought in 330,000 new hires, with 73.2 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.
China Construction Bank increases loan support for manufacturing
China Construction Bank, one of the country’s largest state-owned commercial banks, has enhanced financial support for the manufacturing sector.
According to the bank, by the end of June, its outstanding loans to the manufacturing sector exceeded 2.7 trillion yuan (about 377.85 billion US dollars), expanding 21.4 percent compared with the same period last year.
The bank’s outstanding medium and long-term loans to the manufacturing sector exceeded 1.36 trillion yuan at the end of June, rising 36.23 percent year on year.
To meet the financial needs of advanced manufacturing, strategic emerging industries and high-tech industries, the bank’s outstanding loans to specialized and innovative firms increased 35 percent year on year to over 250 billion yuan during the period.
China’s Guizhou sees 4.4 pct GDP growth in H1
The gross domestic product (GDP) of southwest China’s Guizhou Province totaled 1.02 trillion yuan (about 143 billion US dollars) in the first half of 2023, up 4.4 percent year on year, according to local authorities.
In the first half of 2023, the value-added of the primary, secondary and tertiary industries of the province rose by 3.1 percent to 112.6 billion yuan, 4.7 percent to 383.4 billion yuan, and 4.4 percent to 525.9 billion yuan, respectively.
The GDP growth of Guizhou in the first half of 2023 is faster than the 2.5 percent growth in the first quarter of 2023 and the 1.2 percent growth achieved in the entire year of 2022, according to Wang Zhaohui, deputy director of Guizhou provincial statistics bureau.
The province’s economy in the second quarter maintained recovery and growth momentum, following the stable rebound in the first quarter.
The accumulation of further positive factors is bolstering the prospects for sustained high-quality development, Wang noted. (APP)
