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China's major internet firms see robust growth in Jan-Oct

Xinhua | Updated: 2023-12-03 15:45

A consumer walks past an advertisement of e-commerce platform Pinduoduo at a shopping mall in Shanghai. [Photo provided to China Daily]

BEIJING - China's internet sector registered robust growth in business revenue and profits in the first 10 months this year, according to data from the Ministry of Industry and Information Technology.

Major internet companies saw their cumulative profits rise 10 percent year on year to total 107.4 billion yuan ($15.1 billion) during the period, the data shows.

Their combined business revenues came in at 1.4 trillion yuan, up 5.9 percent year on year.

Enterprises that mainly offer online sales services saw their internet business revenues increase 33.5 percent from a year earlier.

Major internet companies and related services companies have annual business revenues of at least 20 million yuan.

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