China’s software and information technology (IT) service industry has reported impressive double-digit growth in both revenue and profits during the first four months of 2024, according to official data released by the Ministry of Industry and Information Technology.
The sector’s total profits surged by 14.3% year-on-year, reaching 431.4 billion yuan (approximately $60.69 billion). Meanwhile, combined revenue grew by 11.6% compared to the same period last year, amounting to 3.8 trillion yuan.
The information technology service sub-sector played a significant role in this growth, with its revenue increasing by 13.2% year-on-year to around 2.5 trillion yuan. This sub-sector contributed a substantial 65.9% to the total revenue of the industry.
In particular, the cloud computing and big data services segment experienced remarkable growth. Revenue in this area surged by 14.3% from the previous year, reaching 410.7 billion yuan. This reflects the growing demand for advanced digital solutions both domestically and internationally.
Additionally, revenues from software products and information security also saw notable increases, rising by 8.7% and 9.3% year-on-year, respectively. These figures underscore the expanding scope of China’s digital economy and its emphasis on technological innovation and cybersecurity.
The continuous growth in China’s software and IT services industry highlights the country’s accelerating digital transformation and its pivotal role in the global technology landscape. As businesses worldwide increasingly rely on digital infrastructure and services, China’s IT sector remains a critical player driving innovation and providing solutions to meet this growing demand.
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China's software, IT service industry sees double-digit growth
cgtn.com
