China's major internet firms see steady revenue, profit growth

People visit an innovation achievements exhibition during the 2023 China 5G + Industrial Internet Conference in Wuhan, central China's Hubei Province, Nov. 20, 2023. (Xinhua/Wu Zhizun)

BEIJING, Jan. 1 (Xinhua) -- China's internet sector registered steady growth in business revenue and profits in the first 11 months of 2023, according to data from the Ministry of Industry and Information Technology.

Major internet companies and related services companies saw their cumulative profits rise 2.5 percent year on year to total 118.9 billion yuan (about 16.79 billion U.S. dollars) during this period, the data showed.

Their combined business revenue came in at 1.57 trillion yuan, up 6.1 percent year on year.

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