The eighth China Sourcing Summit will take place in Hangzhou in eastern Zhejiang province on Sept 28 and 29, the Ministry of Commerce has announced.

China has seen significant growth in the service outsourcing sector in the last ten years, with the sector growing for 10 consecutive years.

It has grown in value from $1.4 billion in 2006 to $106.5 billion last year, an average annual growth of 54 percent.

Offshore service outsourcing has also been on the rise, now taking a global market share of 33 percent.

Since 2006, China has issued a series of policies aimed at promoting the service outsourcing industry.

The country has designated 31 exemplary cities for the business, mostly concentrated in the Yangtze River Delta, Pearl River Delta and Bohai Rim region, which make up around 93 percent of the contract value of the country.

China’s service outsourcing industry has been concentrated in labor intensive businesses.

In the future China aims to put more emphasis on developing high added-value service outsourcing, with a focus on knowledge processing.