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According to Chinese officials, the government will be allocating more funds to enhance the outsourcing industry of China.
The statement that was posted on Central Bank’s website of China has disclosed that banks have been requested for coming up with new policies and credit products, exclusively for the firms which are in the BPO business in the 20 pilot cities for the industry, including Beijing, Tianjin, Chongqing and Shanghai.
Insurance companies have also been asked to revamp their policies and add more products for the BPO firms.
The BPO firms have been encouraged for listing themselves in the equity markets in China as well as in other places so that the competitiveness can be boosted. Financial authorities should roll out measures in details in line with local situations by the end of this month and put them into place.
The statement was jointly issued by the People's Bank of China, the commerce ministry, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Administration of Foreign Exchange.
As of June 2009, China had 6,673 outsourcing firms with 1.215 million people.
