Breaking News

China's Internet Sector

Steady Growth Marks China’s Internet Sector in Q1 2024

Beijing, May 02, 2024, The Europe Today: In accordance with data released by the Ministry of Industry and Information Technology, China’s internet sector exhibited robust performance in the first quarter of this year, showcasing a commendable trajectory of growth in business revenue.

During the initial three months of 2024, major internet entities and associated service providers in China collectively amassed a substantial business revenue of 384 billion yuan (equivalent to approximately 54 billion U.S. dollars), signifying an increase of 8.4 percent in comparison to the corresponding period of the previous year. This growth rate, notably, surpassed the figures recorded in the first two months by 0.8 percentage points, underlining a burgeoning momentum within the sector.

Specifically delineating the sector’s landscape, companies offering personal services, encompassing domains such as tourism and car-hailing, demonstrated an impressive surge in business revenues, marking a noteworthy uptick of 13.3 percent from the preceding year. Similarly, entities engaged in providing information services experienced a commendable revenue escalation of 5.9 percent throughout the first quarter.

Furthermore, insights gleaned from the data unveiled a discernible focus on innovation and development within major internet and associated service enterprises. Investments in research and development endeavored by these entities amounted to 19.86 billion yuan from January to March, albeit registering a slight decline of 0.6 percent compared to the analogous period in the previous year.

It is imperative to note that major internet companies and related service providers, as referenced in this context, pertain to entities that manifest an annual business revenue threshold of at least 20 million yuan, emblematic of their substantial influence and economic significance within the digital landscape.

As the first quarter of 2024 draws to a close, the data portrays a narrative of resilience and adaptability within China’s internet sector, positioning it as a pivotal driver of economic dynamism amidst a backdrop of evolving market dynamics and technological paradigms.