China's software and IT services industry revenue doubles in January-April 2024

Chinese software and information technology services manufacturers reported double-digit year-on-year growth in revenue and profits.

The sector's total net profit in January-April rose 14.3 per cent year-on-year to 431.4 billion yuan (US$59,59), while total revenue increased by 11.6 per cent to 3.8 trillion yuan (US$524,6 billion). This is reported by Xinhua News Agency, a partner of TV BRICS.

In the same period, total IT services revenue grew 13.2 per cent to 2.5 trillion yuan (US$345 billion). This represents 65.9 per cent of the total revenue of the industry as a whole. The same figure for the cloud computing and big data sub-sector rose 14.3 per cent to 410.7 billion yuan (US$56,6 billion).

The agency's data also indicated that revenues from software products and information security grew 8.7 per cent and 9.3 per cent, respectively, during the reporting period.