The Features of the Translation and Localization Service market in China
1. There is great potential for the translation market in China. The estimated output of translation ranges between 20 billion to 30 billion yuan (roughly 3-4 billion US dollars), though there is a lack of official statistics.
2. The estimation is that there are less than 100 localization service companies of certain scale. Many translation companies also claim that they can handle localization business. The localization service sector, however, is believed to contribute to more than half of the output of the translation industry.
3. With fierce competition in the translation market, pricing varies greatly. Regional difference in pricing is particularly remarkable.
4. It is believed that at least one million people are providing translation service in China, but only a small portion of them hold professional qualifications. The quality of translation varies greatly.
5. Universities and companies have started to jointly train translators and interpreters geared to market needs. Some translation companies offer scholarships in universities as a way to select translation talents. Some universities invite senior translators and interpreters from companies to serve as lecturers and to pass on their experiences in translation practice.
6. With the establishment of the Translation Service Committee of TAC in 2003 and the Localization Service Committee of TAC in 2009, the translation market is being gradually regulated.
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