In early July, Hengtian was interviewed for a second time by China Central Television (CCTV), the predominant television broadcaster in China, during the annual China Sourcing Summit Conference. During the interview, Hengtian’s Vice President Mr. Shi Wei explained how his own self-development has been impacted by his work with Hengtian and spoke about various trends that he expects to come out of the outsourcing industry. The interview is scheduled to be broadcast on the CCTV Financial Channel on July 18th.
CCTV boasts a network of 22 channels broadcasting different programs and is accessible to more than one billion viewers. The organization is considered one of the "big three" media outlets in China, along with the People’s Daily and Xinhua.
This marks the second time that Hengtian has been interviewed by CCTV. In 2007, Hengtian’s ingenuous “co-coursing” cooperating model was spotlighted by CCTV prior to its launch. Since then, Hengtian has developed into a professional IT services provider with over a thousand employees. It has experienced tremendous development in both technology and business and has plunged into active R&D ventures in up-and-coming fields such as big data, cloud computing, and mobile applications.
As a result of the shift in the international trade environment and industrial structure, China’s outsourcing industry was born from scratch, and has been growing bigger and bigger. Now China has become the world’s second largest services provider, apart from India.
According to the Ministry of Commerce of the People's Republic of China, 55,160 outsourcing contracts were signed in the first five months of 2013, amounting to 27.87 billion U.S. dollars, including 19.74 billion in international contracts. What business opportunities will the rapidly growing outsourcing industry bring? Let’s have a look at the news sent by our reporter from Hangzhou.
This is the 5th Annual ChinaSourcing Summit. This summit has attracted 184 buyers, including 97 international buyers. Experts say that we have entered the “Services Outsourcing 2.0 Era”.
Guo Xin (Chief Adviser of the Beijing Cloud Center):
We are not lagging behind in research in Cloud Computing and the communication industry; in fact, we are more advanced than India. We should adopt the same fundamental research that we have conducted in outsourcing.
The core of our outsourcing services is information technology. It brings huge job opportunities to university graduates. It is estimated that there are 22,710 outsourcing companies in China, providing more than 3.1 million university graduates with jobs. Zhejiang University graduate Shi Wei is one of them. After he graduated, he joined a newly-established outsourcing company in Hangzhou. At that time, the company was only engaged in the development and delivery of low-end software, but now its main business scope covers the development of financial products, including those that are used by the Foreign Exchange Trade System, Fund Account Management System, Stock Trade System, and technical consultancies. Shi Wei has experienced how a small-scale company has been rapidly growing in the outsourcing industry.
Shi Wei (Vice President of Hengtian Software):
[At that time] we had limited clients – less than ten. Now we have fifty to sixty clients both in China and overseas. We are also involved in many projects that focus on software development. We currently have 168 software development projects on the table.
About Insigma Hengtian Software Ltd.
Hengtian is a technology services company in Hangzhou, China, created in 2004 as an alliance among State Street Corporation, Insigma Technology (a Global Outsourcing 100 Company) and Zhejiang University. We provide offshore and onshore technology development, research and consulting services.