China’s internet sector reports steady growth in 2021

China‘s internet sector registered robust business revenue and profit growth in 2021, data from the Ministry of Industry and Information Technology (MIIT) shows.

Last year, the business revenues of major internet and related services companies in the country amounted to approximately 1.55 trillion yuan (about 243.15 billion U.S. dollars), surging 21.2 percent year on year.

Major internet and related services companies raked in a total of 132 billion yuan in profits, registering a 13.3 percent year-on-year increase.

Spending on research and development at major internet and related services companies rose 5 percent year on year to 75.42 billion yuan.

MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan the previous year.

Source: Xinhua

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