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China's major internet firms post remarkable profit increase

Xinhua | September 4, 2023


Visitors learn about cloud computer technology at an exhibition on digital technologies at 2023 China Internet Conference in Beijing, capital of China, July 18, 2023. (Xinhua/Li Xin)

China's major internet companies saw remarkable profit increases in the year's first seven months, data from the Ministry of Industry and Information Technology shows.

Major internet companies saw their profits rise 29.1 percent year on year to 79.93 billion yuan (about 11.13 billion U.S. dollars) during the period, the data shows.

The growth rate was 1.5 percentage points higher than that registered in the first half.

Their combined business revenues came in at 766.6 billion yuan, up 2.8 percent year on year.

Major internet companies and related services companies have annual business revenues of at least 20 million yuan.