new commercial and intellectual property laws in recent years to favor those working in the IT industry.
Accession to the WTO
China's formal accession to the WTO was agreed upon on December 11, 2001. With this accession it is predicted that China will become one of the largest Economies in 50 years.
Chinese Domestic Market
The number of businesses operating in China is rapidly increasing. Over 750 multinational companies are doing technical research and development in China.
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Here is a look at some of the recent trends that are adding to the growing popularity of Outsourcing to China:
Cost Effectiveness
Utilizing Chinese IT professionals can save you 50-80% over hiring internally. Rates in China are currently 20-30% less than those in India.
Specialized Skills and Expertise
China holds a high regard for education. Its universities graduate more than 5 million per year with more than 700,000 of those being engineers. China currently has 200,000 IT professionals involved in the software export industry, with an additional 50,000 entering the workforce each year.
IP Conditions
As China is the leading manufacturing country of the world; its legislation has adopted
English
Predictions
The Chinese Academy of Social Sciences (CASS) placed their forecast on the growth rate of the Chinese economy in 2007 to be over 10%.
Consumption demand is expected to continue its rising trend in 2007. The overall growth rate of total retail sales saw an increase of 13.7% in 2006. As stated by Xie Fuzhan, head of the National Bureau of Statistics (NBS) "Consumer spending is accelerating, as a big country, China has to base its economic development on domestic demand".
