China's software, IT service industry sees double-digit growth in revenue, profits

BEIJING - China's software and information technology service industry reported double-digit year-on-year growth in terms of both revenue and profits in the first four months of 2024, official data showed.

Total profits of the sector jumped by 14.3 percent year-on-year to 431.4 billion yuan ($60.69 billion) during this period, while combined revenue rose by 11.6 percent to 3.8 trillion yuan, according to the Ministry of Industry and Information Technology.

Total revenue of the information technology service sub-sector increased by 13.2 percent year-on-year to around 2.5 trillion yuan, contributing 65.9 percent of the total revenue of the industry as a whole.

Specifically, combined revenue of cloud computing and big data services surged by 14.3 percent compared with the same period of 2023, reaching 410.7 billion yuan.

The data also revealed that revenues from software products and information security had increased by 8.7 percent and 9.3 percent, respectively, year-on-year.