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China’s Software and Information Technology Service Industry Records Robust Growth in Q1, Official Data Reveals

Beijing, May 03, 2024, The Europe Today: China’s software and information technology service sector showcased remarkable expansion in the first quarter (Q1) of the current year, registering substantial increases in both revenue and profits, according to official statistics released by the Ministry of Industry and Information Technology.

During the reported period, the industry’s aggregate profits surged by an impressive 13.8 percent year on year, reaching a total of 318.8 billion yuan (equivalent to approximately 44.86 billion U.S. dollars). Concurrently, the combined revenue of the sector experienced robust growth, ascending by 11.9 percent to reach an impressive 2.8 trillion yuan.

A notable contributor to this expansion was the sub-sector of information technology services, which amassed a revenue of 1.84 trillion yuan in Q1, reflecting a substantial year-on-year increase of 12.9 percent and constituting a significant portion, accounting for 65.7 percent, of the industry’s overall revenue.

Within the realm of information technology services, specific segments such as cloud computing and big data services demonstrated noteworthy performance, collectively registering a year-on-year revenue growth of 11.9 percent, with a cumulative revenue of 304.7 billion yuan.

Furthermore, the data elucidated a positive trajectory in revenue generation from software products, which witnessed a commendable 9.4 percent year-on-year increase. Similarly, revenue derived from the information security sector marked substantial growth, escalating by 11.6 percent in comparison to the corresponding period of the previous year.

The robust performance exhibited by China’s software and information technology service industry underscores its resilience and vitality in driving economic growth amidst a dynamic and evolving global landscape. As the sector continues to evolve and innovate, its sustained expansion promises to contribute significantly to China’s broader economic trajectory in the foreseeable future.