BEIJING, June 20 -- China's advertisement industry registered rapid expansion in 2023, with the market scale continuing to rank the world's second, the State Administration for Market Regulation said Thursday.

The combined business revenue of major companies and public institutions in the sector gained 17.5 percent year on year to approximately 1.31 trillion yuan (about 184 billion U.S. dollars) last year, according to the administration.

The index measuring the development of China's advertisement industry came in at 119 points last year, up 9.1 percent from the previous year, said the administration.

The internet advertising business maintained a rapid growth momentum last year, accounting for nearly 80 percent of the total, according to the administration.