Investment and financing in China's internet sector continued the downward trend in the first quarter of this year as the severe international environment and resurgences of COVID-19 weighed on the capital market, said a report released by the China Academy of Information and Communications Technology (CAICT).

The disclosed value of investment and financing in the country's internet sector stood at 3.51 billion U.S. dollars in the first three months of 2022, down 42.6 percent quarter on quarter and plunging 76.7 percent from a year ago, data from the report showed.

The number of fundraising deals in the sector dropped 35.3 percent quarter on quarter and 38.3 percent year on year, the data showed.

On a global scale, the disclosed value of investment and financing in the internet industry was up 4.7 percent year on year to 113.7 billion U.S. dollars during the period, said the CAICT, a research institute under the Ministry of Industry and Information Technology.