Internet boosts Chinese economy from January to November 2021

The Internet sector has boosted China’s economy in the first eleven months of 2021, China’s Xinhua news agency said Sunday.

Chinese companies operating in the Internet and services sector generated business revenue of about 1.42 trillion yuan (about $222.7 billion) during the period, up 22.3% year-on-year, Xinhua said, citing data released by the Ministry of Industry and Information Technology (MITI).

This increase is due to the good performance of audio and video service providers, online gaming companies and information platforms, the same source said.

From January to November, major Internet and related service companies earned a total of 128 billion yuan in profits, up 14.8% year-on-year, MITI said.

The research and development expenditure of these major companies jumped by 5.6% year-on-year to 67.01 billion yuan in the first eleven months of 2021.

The growth rate increased by 3 percentage points compared to the first ten months. The MITI statistics cover companies with annual Internet service revenue of more than five million yuan in the previous year.

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