China’s IT industry sees 14.3% growth in Jan-April

China’s software and information technology (IT) service industry is experiencing a boom, with official data revealing significant year-on-year growth in both revenue and profits for the first four months of 2024, Xinhua reported on Sunday.

The Ministry of Industry and Information Technology revealed a 14.3 per cent increase in total profits, reaching 431.4 billion yuan ($60.69 billion), and an 11.6 per cent rise in combined revenue to 3.8 trillion yuan ($538.2 billion).

The information technology service sector drove growth, with revenue increasing by 13.2 per cent year-on-year to reach around 2.5 trillion yuan ($352.3 billion). This sector accounts for 65.9 per cent of the industry’s total revenue.

Cloud computing and big data services were standout performers in the information technology services sub-sector, with a combined revenue increase of 14.3 per cent year-on-year to reach 410.7 billion yuan ($58.2 billion).

The data shows positive trends in various areas. Software product revenue rose by 8.7 per cent year-on-year, and information security services revenue increased by 9.3 per cent year-on-year.