(Yicai Global) Sept. 18 -- China's service outsourcing provision has entered a golden period of development and is becoming the main way to export its emerging services sector, according to a commerce ministry official.

The national service outsourcing executive income totalled more than USD62.8 billion this year through July, state-owned news agency Xinhua cited Li Yuan, director of the commerce ministry's department of trade and industry, as saying yesterday at the China Sourcing Summit 2018. Offshore outsourcing made up USD38.4 billion of that, and contributed to 70 percent of new service exports, he added.

The executive income refers to the revenue generated from the signing and completion of contracts throughout the periods.

Offshore outsourcing is becoming more prominent in the global value chain, Li said, adding that it increases the quality of foreign trade -- an important driving force in economic development. Total national outsourcing totalled USD126 billion last year, up 18.5 percent from a year earlier.

Service outsourcing is an important starting point to accelerate the development of a modern service industry, cultivate new trading models and build China into trading powerhouse, he added. The Ministry of Commerce is also looking to introduce a new wave of guidance and policy measures aimed at nurturing the sector by promoting digitization and the use of smart technologies, Li said.

Editor: James Boynton