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China’s Software and IT Service Industry Reports Robust Growth

Beijing, June 29, 2024, The Europe Today: China’s software and information technology service industry achieved double-digit growth in revenue and profits in the first five months of 2024, according to official data from the Ministry of Industry and Information Technology.

The sector’s total profits rose by 16.3 percent year on year to 575.6 billion yuan (approximately 80.77 billion USD), while combined revenue increased by 11.6 percent to 4.93 trillion yuan.

The information technology service sub-sector saw revenue climb by 12.9 percent year on year to approximately 3.33 trillion yuan, representing 67.5 percent of the industry’s total revenue.

Specifically, revenue from cloud computing and big data services surged by 13 percent compared to the same period in 2023, reaching 514.3 billion yuan. Additionally, revenues from software products and information security products and services increased by 9.2 percent and 8.5 percent, respectively, year on year.