China's Ministry of Commerce, Ministry of Finance and General Administration of Customs jointly released a revised shortlist to guide this country’s outsourcing of services in 23 fields on Thursday.
This shortlist is the first of China’s five services trade catalogues that were put under revision last year.
The 23 fields of services covered in it include eight in the Information Technology Outsourcing (ITO) domain, six in the Business Process Outsourcing (BPO) domain and nine in the Knowledge Process Outsourcing (KPO) domain.
The new list expands the definitions, contents, business types and application scope of services like software development, IT solutions, and the R & D of biomedicine and biotechnology, according to Li Aimin, an official of the Ministry of Commerce.
Artificial intelligence, big data services, financial back-office, and repair & maintenance entered this new list during its revision last year.
China is now the second largest outsourcing destination in the world. By encouraging more Chinese enterprises to offer their services globally, the new list on service outsourcing will further drive China’s services export and narrow its deficits in services trade, said Li.
For the four other shortlists which regulate China’s export and import of services, revisions have been completed by the end of last year.