China's major internet enterprises saw their spending on research and development (R&D) resume a double-digit expansion in the first 10 months of 2022, official data showed. This was reported by The Xinhua News Agency.
During this period, R&D spending of these firms totaled ¥63.67 bln (about $9.03 bln), up 10.4% year on year, with a pace 1.6 percentage points faster than that recorded in the first three quarters, according to the Ministry of Industry and Information Technology.
The combined business revenue of major internet companies and related services companies edged down 0.8% year on year to ¥1.22 trln, but the decline narrowed 0.1 percentage points from the first three quarters, the data showed.
Specifically, business revenue of firms mainly providing online sales services soared 16.3% compared to one year earlier – a pace 1 percentage point faster than the Jan.-Sept. period.
Major internet companies and related services companies are those with an annual business revenue of at least ¥20 mln.
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