China's major internet firms log double-digit revenue growth by end-Q3

BEIJING - China's internet and related sectors have registered double-digit growth in business revenue in the first three quarters of the year, official data showed.

Major internet companies raked in 895.6 billion yuan ($133.2 billion) in the January-September period, up 13.7 percent year-on-year, according to the Ministry of Industry and Information Technology (MIIT).

During the period, the operating profit of the industry grew by 13.6 percent year-on-year to 86.74 billion yuan.

The sector's spending on research and development totaled 49.74 billion yuan, increasing by 11.2 percent over the same period last year.

The internet sector has become a key component of China's "new economy" as the country undergoes a growth shift, driven more by technology and consumption.

MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year.