BEIJING, May 29 (Xinhua) – China’s software and information technology (IT) sector continued to recover strongly during the first four months of the year. Revenues and profits expanded and software exports returned to the 2019 level, official data showed.
The sector earned 288.5 billion yuan (about $ 45.2 billion) in profits during the period. It has risen 20.5 percent from the previous year, with a compound annual growth rate of 8.5 percent over the past two years, the Ministry of Industry and Information Technology (MIIT) said.
The combined software revenue of the enterprises reached 2.57 trillion yuan in the period, up 25% year-on-year, and grew at a compound annual growth rate of 11.7% in the last two years. years.
Software exports stood at US $ 14.9 billion over the first four months, generally recovering to the level of the same period in 2019, MIIT data showed.
Reinforced by favorable policies in smart manufacturing and the demand for digital and intelligent transformation of industries, revenues from industrial software products increased by 22.3% year-on-year, 1.4 percentage points compared to the first quarter of the year.
The application of new information technologies such as cloud computing and big data accelerated growth in the period, with combined revenues by 26.8% year-on-year. It occurs as online education, telemedicine and other applications increase.
Total revenue from information security product and service providers also increased by 28.4% year-on-year, as people’s awareness of information security improved significantly. The pace accelerated by 3.6 percentage points from the first quarter, MIIT said.