Beijing: China's internet sector experienced steady growth in business revenue in the first half of this year, as reported by the Ministry of Industry and Information Technology.
According to Emirates News Agency, in the first six months, China's major internet and related services companies generated 961.3 billion yuan (approximately US$133.3 billion) in business revenue. This marked an increase of 3.1 percent compared to the previous year, with the growth rate improving by 2.2 percentage points over the first five months.
The cumulative profits for the major internet companies reached 74.32 billion yuan, representing a decline of 8.3 percent year-on-year. Additionally, the data highlighted that spending on research and development in major internet and related service companies was 48.56 billion yuan from January to June, showing a slight increase of 2.6 percent year-on-year.
For classification, major internet companies and related services companies are those with annual business revenues of at least 20 million yuan.