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China's Major Internet Firms Sustain Stable Revenue

China’s Major Internet Firms Sustain Stable Revenue

Beijing, January 01, 2024, The Europe Today: Data from the Chinese Ministry of Industry and Information Technology reveals that China’s internet sector experienced consistent growth in business revenue and profits throughout the first 11 months of 2023.

Major internet companies and affiliated service providers collectively reported a 2.5 percent year-on-year increase in cumulative profits, reaching a total of 118.9 billion yuan (approximately 16.79 billion U.S. dollars) during this period. The combined business revenue for these entities amounted to 1.57 trillion yuan, reflecting a 6.1 percent year-on-year surge.

The designation of “major internet companies and related services companies” pertains to those with annual business revenues of at least 20 million yuan, indicating the robust performance of substantial players within China’s internet industry.