Xinhua - Official data issued by the Ministry of Industry and Information Technology showed that China's software and information technology services industry recorded double-digit year-on-year growth in terms of revenues and profits in the first five months of 2024.
The ministry said the sector's total profits jumped 16.3 percent year-on-year to 575.6 billion yuan (about 80.77 billion U.S. dollars) during the period, while combined revenues rose 11.6 percent to 4.93 trillion yuan.
The total revenue of the IT services subsector increased by 12.9 percent year on year to about 3.33 trillion yuan, accounting for 67.5 percent of the total industry revenue.
Specifically, the combined revenue of cloud computing and big data services increased by 13 percent compared to 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 increased by 9.2 percent and 8.5 percent, respectively, year-on-year.
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