China's software sector sees robust revenue growth in first 10 months

China's software industry reported a 10-percent increase in business revenue in the first ten months of 2022, according to official data. This was reported by The Xinhua News Agency.

Revenue totaled ¥8.42 trln (about $1.18 trln) during the period, data from the Ministry of Industry and Information Technology shows.

Companies in this sector raked in more than ¥1 trln in combined profits – up 4.5% year on year.

In the first ten months, revenue of information technology services stood at nearly ¥5.46 trln, up 10.1% year on year. Revenue of cloud computing and big data services totaled ¥823.4 bln, up 7.7% year on year.