According to data released by the Ministry of Industry and Information Technology, China’s software and information technology service industry experienced significant growth in revenue and profits during the first five months of the year.
During this period, the sector’s profits saw a year-on-year expansion of 12.2 percent, reaching 492.2 billion yuan (approximately US$68.55 billion). Additionally, revenue witnessed a growth of 13.3 percent compared to the previous year, amounting to 4.32 trillion yuan.
While the export of software business declined by 3.7 percent year on year to US$18.9 billion in the first five months, the export of software outsourcing services saw a positive increase of 5 percent compared to the same period last year.
These figures highlight the continued growth and resilience of China’s software and IT service industry, despite certain challenges in the export sector. The industry’s strong performance in revenue and profits demonstrates its vital role in driving economic development and innovation within the country.