The latest survey by the Ministry of Industry and Information Technology (MIIT) of so-called Chinese scaled internet services firms – those with an annual turnover of more than 20 million yuan (US$2.7 million), which include the sector’s largest players and various small providers – showed aggregate profits of 79.93 billion yuan in the January-to-July period, a 29.1 per cent increase from a year earlier.
Overall revenue for the sector grew 2.8 per cent year on year to 766.6 billion yuan in the same period, according to the MIIT report published late last month.
E-commerce firms saw their total revenue jump 42.4 per cent year on year in the January-to-July period, according to the MIIT report.
Providers in the local services market segment, including on-demand food delivery platforms and online travel agencies, saw their aggregate revenue grow 11.6 per cent for the first seven months of the year.
Providers of information services, one of the three main internet market segments tracked by the MIIT, saw total revenue decline 2.6 per cent in the January-to-July period.
There were 2.61 million apps operating on the mainland at the end of July, according to data from the MIIT. Its survey also found some 830,000 app developers nationwide during the same period.
In a separate announcement, the MIIT on Tuesday unveiled a working plan from 2023 t0 end-2024 to help boost the country’s electronic information industry, which it described as the “strategic, foundational and frontier industry of the national economy”.
The plethora of government support under the MIIT plan would involve various tax relief and funding measures, talent acquisition and implementation of favourable industry policies.
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