CHINA aims to grow its outsourcing industry by 30 percent annually through 2015, the Ministry of Commerce said yesterday.
The offshore revenue will likely hit US$85 billion by 2015 as envisaged in the master plan for the outsourcing industry in the 12th Five-Year Plan (2011-2015), the ministry said.
Outsourcing, which has grown into a strategic business in China over the past few years, subcontracts a certain process of production, such as designing, packaging, or information management, to a third-party company.
In China over 70 percent of services outsourcing are from companies based overseas. With the global economic conditions staying weak, China has become a major provider of outsourcing services due to its relatively low production and labor costs.
During the 11th Five-Year Plan (2006-2010), China's outsourcing industry had grown to account for nearly one-tenth by value of services trade. The offshore outsourcing income was US$14.4 billion in 2010.
The industry should target more value-added outsourcing services, higher technology and self-developed innovation up to 2015, according to the ministry.
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