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 five months of 2024, official data showed.

Total profits of the sector jumped by 16.3 percent year-on-year to 575.6 billion yuan ($80.77 billion) during this period, while combined revenue rose by 11.6 percent to 4.93 trillion yuan, according to the Ministry of Industry and Information Technology.

Total revenue of the information technology service sub-sector increased by 12.9 percent year-on-year to around 3.33 trillion yuan, accounting for 67.5 percent of the industry's total revenue.

Specifically, combined revenue of cloud computing and big data services surged by 13 percent compared with the same period in 2023, reaching 514.3 billion yuan.

The data also revealed that revenues from software products as well as information security products and services had increased by 9.2 percent and 8.5 percent, respectively, year-on-year.