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China to boost the service outsourcing industry

Updated: Nov 26,2014 9:54 PM     Xinhua

BEIJING — China will boost service outsourcing industry to forge a new competitive advantage in foreign trade, the central government announced on Nov 26.

China will bolster outsourcing businesses of high technology and high value added to facilitate structural adjustment and industrial upgrades, according to an executive meeting of the State Council, China’s Cabinet, chaired by Premier Li Keqiang.

The meeting described the sector as a “green industry” that will be a new engine for tertiary industry and a boon to increasing employment.

Service outsourcing in software and IT, research and development, finance and government service will all be supported.

The meeting also agreed to support enterprises in projects of high-added value, including knowledge and business process outsourcing, to explore international markets.

China will nurture a number of leading service outsourcing enterprises and encourage small and medium firms to develop their own specialties.

The central government is also mulling tax breaks for enterprises with advanced technology or engaged in international service outsourcing.

The meeting pledged to expand financing channels via financing institutions, insurance companies and policy banks, as well as going public.

Companies in the sector are also likely to enjoy convenience in custom clearance, foreign exchange controls and foreign employees, the meeting said. Other favorable policies agreed include more intellectual property protection and government supervising efforts.

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