China's software, IT sector picks up pace

BEIJING -- China's software and information technology sector posted faster growth in the first six months, official data showed.

The sector generated 2.9 trillion yuan (around $430 billion) in revenue in the first half of 2018, up 14.4 percent year on year, the Ministry of Industry and Information Technology (MIIT) said in a statement.

The growth rate was slightly higher than that in the first five months and more rapid than the 13.6-percent increase a year ago.

The sector maintained steady development, the MIIT said, citing double-digit profit growth, an increasing number of employees, and a rising wage level. Combined profits of the sector went up 10.5 percent to 358 billion yuan in the first half year.

However, software exports only rose 2.6 percent to $25.3 billion in H1, slowing from 4.2 percent in the January-May period.