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China's major internet firms log higher revenue

Updated: Oct 08,2020 01:50 PM    Xinhua

BEIJING — China's internet and related sectors maintained a double-digit growth in business revenue and research development in the first eight months of this year, official data showed.

Major internet companies raked in 796.2 billion yuan (about $116.91 billion) in the January-August period, up 13.6 percent year-on-year, which is 1.3 percentage points lower than the growth rate registered in the first seven months, according to the Ministry of Industry and Information Technology (MIIT).

In the period, the operating profit of the industry jumped by 23.7 percent year-on-year to 73.6 billion yuan.

The sector's spending on research and development totaled 42.94 billion yuan in the period, increasing by 12.9 percent over the same period last year.

The internet sector has become a key component of China's "new economy" as the country undergoes a growth shift, driven more by technology and consumption.

MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year.

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