$455 billion in revenue for China’s software industry in 4 months

Data from China’s Ministry of Industry and Technology revealed that China’s software industry and IT services recorded doubles-digit growth in revenue and profits during the first four months of this year 2023.

The sector’s profits expanded by 13.8 per cent year-on-year to 367.4 billion yuan (approximately $51.77 billion) during the period, while revenues increased by 12.8 per cent from the previous year, to 3.32 trillion yuan (approximately $455 billion).

Software product revenue increased by 11.1 per cent year-on-year, reaching RMB818.3 billion in this period. Revenues from industrial software products expanded to RMB81.48 billion, representing an increase of 15.1 per cent year-on-year.

In addition, China’s major Internet companies and related service companies experienced a marked increase in profits during four months this year, according to data from the Ministry of Industry and Information Technology.

The companies’ profits rose by 62.1 per cent year-on-year, to 38.4 billion yuan (about $5.4 billion) during the period.

These companies’ combined business revenues recorded RMB408.3 billion, an increase of 3.3 per cent year-on-year.

China’s electronic information industry recorded a steady expansion in April, with the value added of major companies in the sector rising 1.8 per cent year-on-year.