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China's major internet firms log higher revenue
Last Updated: 2020-12-06 10:01 | Xinhua
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China's internet and related sectors have registered double-digit growth in business revenue in the first 10 months of the year, official data showed.

Major internet companies raked in 1.01 trillion yuan (about 154.18 billion U.S. dollars) in the January-October period, up 13.1 percent year on year, according to the Ministry of Industry and Information Technology (MIIT).

During the period, the operating profit of the industry grew by 8.8 percent year on year to 98.65 billion yuan, while the sector's spending on research and development totaled 61.98 billion yuan, 15.6 percent higher than a year ago.

The internet sector has become a key component of China's "new economy" as the country undergoes a growth shift, driven more by technology and consumption.

MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year.

(Editor:Wang Su)

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China's major internet firms log higher revenue
Source:Xinhua | 2020-12-06 10:01
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