Firms in China’s internet and other related services sectors, on Wednesday reported strong revenue expansion in 2019 as new technologies and applications play increasingly bigger roles in reshaping the country’s economy.
Data from Ministry of Industry and Information Technology (MIIT), showed each firms with annual revenue of over 5 million yuan (or about 724,400 U.S. dollars) in 2018.
The firms, however, raked in a total of about 1.21 trillion yuan in 2018, up 21.4 per cent year-on-year.
MIIT data also showed that industry’s operating profits rose by 16.9 per cent year-on-year, 13.1 percentage points faster than 2018. Spending on research and development outpaced that of revenue, rising 23.1 per cent year-on-year.