BEIJING — China's internet and related sectors have registered double-digit growth in business revenue in the first 10 months of the year, official data showed.

Major internet companies raked in 1.01 trillion yuan (about $154.18 billion) in the January-October period, up 13.1 percent year-on-year, according to the Ministry of Industry and Information Technology (MIIT).

During the period, the operating profit of the industry grew by 8.8 percent year-on-year to 98.65 billion yuan, while the sector's spending on research and development totaled 61.98 billion yuan, 15.6 percent higher than a year ago.

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.