China‘s internet sector registered robust growth in business revenue and profits in the first 11 months of 2021, serving as a key driver to shore up the country’s economic growth.
The business revenue of major internet and related service companies in the country amounted to about 1.42 trillion yuan (about $222.7 billion) during the period, surging 22.3 percent from a year ago, data from the Ministry of Industry and Information Technology (MIIT) showed.
Specifically, revenue from information services maintained rapid growth, thanks to the strong performance of audio and video service providers, online gaming firms, and news platforms, reports Xinhua news agency.
From January to November, major internet and related service companies raked in a total of 128 billion yuan in profits, a 14.8-percent increase from the same period a year ago, MIIT data showed.
Spending on research and development in major internet and related service companies rose 5.6 percent year on year to 67.01 billion yuan in the first 11 months. The growth rate went up by 3 percentage points from that registered in the first 10 months.
MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year.