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June 11, 2018

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Internet firms ride the boom

CHINA’S Internet businesses posted faster revenue growth in the first four months of the year, official data showed.

Major Internet businesses and related service providers saw revenue surge 24.9 percent year on year to 264.9 billion yuan (US$41.4 billion) from January to April, according to the Ministry of Industry and Information Technology.

The growth was 5.4 percentage points faster than the same period last year, the ministry said.

Online gaming and e-commerce expanded briskly, with online gaming revenue up 27.9 percent annually to 58.7 billion yuan. Income of e-commerce platforms jumped 40.4 percent to 92.3 billion yuan.

During the period, the Internet industry invested 14.5 billion yuan into research and development, up 22.3 percent year on year, the ministry said.



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