According to the Chinese Ministry of Information technology, Chinese major internet companies earned $223 Billion revenue in Jan-Nov period. During the first 11 months of 2021, the China internet sector had strong revenue and profit growth, acting as a crucial engine for the country’s economic expansion.
According to data from the Ministry of Industry and Information Technology (MIIT), the business revenue of major internet and related service companies in the country reached approximately 1.42 trillion yuan (about $222.7 billion) during the period, representing a 22.3 percent increase over the same period the previous year.
According to the Xinhua news agency, income from information services has continued to increase at a quick pace, due to the robust success of audio and video service providers, online gaming companies, and news platforms, among other factors.
According to data from the Ministry of Industry and Information Technology, major internet and associated service firms made a total of 128 billion yuan in profits from January to November, representing a 14.8% rise over the same time last year.
In the first 11 months of the year, major internet and associated service businesses increased their spending on research and development by 5.6 percent year on year, reaching a total of 67.01 billion yuan. The rate of growth increased by three percentage points compared to the pace recorded in the first ten months of the year.
Businesses generating yearly income from internet services in excess of 5 million yuan in the preceding year are included in the MIIT’s statistics.