Xiamen outsourcing maintains momentum through October 2016
(chinadaily.com.cn), Updated: 2016-12-08
The outsourcing of services continues to be a thriving industry in Xiamen, Fujian province. In 2016, the developing market sector registered $1.5 billion worth of executed contracts in the ten months period between January and October, a 23.3 percent increase compared to the same period in 2015.
Following years of sustained growth, Xiamen has come to host nearly 400 service outsourcing companies employing more than 60,000 people. Additionally, service contracts with overseas businesses have produced $1.2 billion in revenue over the first ten months of 2016, a 20 percent increase from the previous year.
Furthermore, business process outsourcing (BPO), the contracting of a specific business process to a third party, recorded fast growth and currently boasts $1.2 billion in contracts, a 34.2 percent increase from 2015.
The growth figures are especially impressive given recent market shifts. In reaction to the increasingly volatile nature of foreign markets, Xiamen-based service outsourcing companies have tapped into domestic markets accruing a 42 percent growth in the process.
These developments are thanks to a proactive business savvy and a growing well-educated employment pool, more than 70 percent of workers hold at least a bachelor's degree.