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China’s Software Sector Profits Up Nearly 12% in First 10 Months

By Ding Yi / Dec 06, 2019 11:47 AM / Business & Tech

Photo: VCG

Photo: VCG

China’s software industry saw strong growth in both revenue and profit in the first 10 months of this year, official statistics showed.

From January through October, the country’s software industry grew its revenue by 15.2% year-on-year to 5.79 trillion yuan ($822 billion), while profit was up 11.9% to 734.2 billion yuan, according to statistics published Wednesday on the WeChat public account of the Ministry of Industry and Information Technology (MIIT).

Revenue generated from software products, information technology services, information security products, and embedded system software increased by 13.6%, 17.7%, 10.3%, and 7.7% respectively from a year ago, the ministry said.

Exports of software-related products rose to $38.6 billion, maintaining a relatively flat year-on-year growth rate of 3%. Within that category, exports of outsourcing services and embedded system software increased by 8.7% and 1.9% respectively, the ministry added.

The number of workers in the software sector rose 6% to 6.55 million.

According to the ministry, China’s more developed eastern provinces remained the biggest revenue source for the software sector, contributing 4.63 trillion yuan over the period.

Contact reporter Ding Yi (yiding@caixin.com)

Related: China’s Major Internet Firms See 10-Month Revenue Grow 21% Year-on-Year

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