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China Software Sector Profits Rose Nearly 10% Last Year Despite Export Decline

By Ding Yi / Feb 06, 2020 04:39 PM / Business & Tech

Photo: VCG

Photo: VCG

Despite a drop in software exports, China’s software and information technology industry saw solid growth in both revenue and profit in 2019, official data showed.

The country’s software sector revenue grew by 15.4% year-on-year to 7.2 trillion yuan ($1.03 trillion), while profit was up 9.9% to 936.2 billion yuan, according to statistics published Monday on the public WeChat account of the Ministry of Industry and Information Technology (MIIT).

Revenue from software products, information technology services, information security products and embedded system software increased by 12.5%, 18.4%, 12.4% and 7.8%, respectively, from a year ago. Sales of information technology services accounted for 59.3% of the industry’s total revenue last year, the ministry said.

However, exports of software-related products dropped 1.1% year-on-year to $50.5 billion, the ministry added.

The number of workers in the software sector rose 4.7% year-on-year to 6.73 million.

According to the ministry, Beijing, Shanghai and the provinces of Jiangsu, Zhejiang and Guangdong generated combined revenue of 4.6 trillion yuan in 2019, accounting for 63.6% of the total.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Chinese Internet Companies’ Revenue Topped 1 Trillion Yuan in 2019

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