China's internet sector sees steady growth in 2023

BEIJING - China's internet sector registered steady growth in business revenue and profits last year, according to data from the Ministry of Industry and Information Technology.

Major internet companies and related services companies saw their combined business revenue rise 6.8 percent year-on-year to total 1.75 trillion yuan (about $246.46 billion) in 2023, the data showed.

Their cumulative profits came in at 129.5 billion yuan, up 0.5 percent year-on-year.

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