Robust Growth: China’s Software Industry flourishes in 2023

Beijing, The Gulf Observer: Official data reveals that China’s software and information technology service industry experienced robust growth in both revenue and profits during the first 11 months of the 2023 according to Chinese state media.

According to the Ministry of Industry and Information Technology, the sector’s profits surpassed 1.3 trillion yuan (approximately 183.55 billion U.S. dollars), marking a notable 12.9 percent year-on-year increase.

Concurrently, the combined revenue for the sector amounted to 11.04 trillion yuan, reflecting a substantial 13.9 percent growth compared to the corresponding period in the previous year.

However, the sector faced a minor downturn in exports during the same timeframe, with exports totaling 44.95 billion U.S. dollars, indicating a 3.8 percent decrease year on year. This data underscores the overall resilience and vibrancy of China’s software and information technology service industry.