Breaking News

China's Software

China’s Software and IT Service Industry Reports Strong Growth in Early 2024

Beijing, June 02, 2024, The Europe Today: China’s software and information technology service industry demonstrated robust double-digit year-on-year growth in both revenue and profits during the first four months of 2024, according to official data released by the Ministry of Industry and Information Technology.

The sector’s total profits surged by 14.3 percent year on year, reaching 431.4 billion yuan (approximately 60.69 billion U.S. dollars). Meanwhile, the combined revenue of the industry increased by 11.6 percent, totaling 3.8 trillion yuan.

The information technology service sub-sector contributed significantly to this growth, with its total revenue rising by 13.2 percent year on year to around 2.5 trillion yuan. This sub-sector accounted for 65.9 percent of the industry’s overall revenue.

Cloud computing and big data services experienced particularly notable growth, with combined revenues increasing by 14.3 percent compared to the same period in 2023, reaching 410.7 billion yuan.

Additionally, revenues from software products and information security also saw substantial increases. Revenue from software products grew by 8.7 percent year on year, while the information security segment reported a 9.3 percent increase.

This impressive performance underscores the continued expansion and resilience of China’s software and IT service industry, reinforcing its pivotal role in the country’s economic development and technological advancement.