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China's telecom sector achieves remarkable growth in first 11 months

China’s telecom sector achieves remarkable growth in first 11 months

Beijing, December 23, 2023, The Europe Today: In the first 11 months of 2023, China’s telecommunication industry exhibited consistent expansion, propelled by the emergence of new businesses, as per official data.

The collective business revenue generated by companies within this sector amounted to 1.55 trillion yuan (approximately 218 billion U.S. dollars) during the January-November timeframe, denoting a notable 6.9 percent year-on-year increase.

These figures, released by the Ministry of Industry and Information Technology, underscore the sector’s resilience and sustained positive trajectory in contributing to the country’s economic landscape.

Throughout this timeframe, sectors at the forefront of technological innovation, including big data, cloud computing, and the Internet of Things, exhibited robust performances, contributing significantly to the overall growth of China’s telecommunication industry.

Notably, the three telecom industry leaders, China Telecom, China Mobile, and China Unicom, experienced a remarkable 20.1 percent year-on-year surge in revenue from these emerging businesses, amounting to 332.6 billion yuan.

This substantial increase played a pivotal role in propelling the total revenue of the telecom sector, contributing a noteworthy 3.8 percentage points to its overall growth. The data underscores the pivotal role played by advancements in technology-driven services in shaping the financial landscape of China’s telecommunications industry.

In particular, there was a substantial surge in revenue from cloud computing and big data, registering increases of 39.7 percent and 43.3 percent, respectively, when compared to the corresponding period of the previous year. This noteworthy growth underscores the escalating demand and adoption of advanced technological solutions within the telecommunication sector.

Additionally, broadband internet services played a significant role in the financial performance of China’s three major telecom companies, contributing 240.4 billion yuan to their revenue during the January to November period. This figure reflects an appreciable 8.5 percent year-on-year rise, further affirming the sector’s resilience and adaptability in meeting evolving consumer needs and technological trends.