An inspection vehicle of State Grid Wuxi Power Supply Company is pictured during the 2023 World Internet of Things (IoT) Exposition in Wuxi, east China's Jiangsu Province, Oct. 20, 2023. (Xinhua/He Leijing)
BEIJING, Feb. 1 (Xinhua) -- China's internet sector registered steady growth in business revenue and profits in the year of 2023, according to data from the Ministry of Industry and Information Technology.
Major internet companies above the designated size and related services companies saw their combined business revenue rise 6.8 percent year on year to total 1.7483 trillion yuan (about 243.54 billion U.S. dollars) during this period, the data showed.
Their cumulative profits stood at 129.5 billion yuan, up 0.5 percent year on year.
Meanwhile, their research and development expenditure dropped 3.7 percent year on year to 94.32 billion yuan.
Major internet companies and related services companies refer to those which have annual business revenues of at least 20 million yuan.
(Edited by Tian Shenyoujia with Xinhua Silk Road, tianshenyoga0524@163.com)
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