The operating revenues of China’s large-scale internet enterprises saw robust growth last year.
Data released by the Ministry of Industry and Information Technology (MIIT) on 22 January indicates that in 2019 China’s internet enterprises above designated size and related service enterprises posted operating revenues of 1.2061 trillion yuan (approx. USD$170 million), for YoY growth of 21.4%.
“Enterprises above designated size” (规模以上企业) in China is a statistical term that refers to businesses with annual operating revenues in excess of 20 billion yuan.
MIIT data further indicates that sector-wide operating profits were 102.4 billion yuan for a YoY rise of 16.9%, and an acceleration of 13.1 percentage points compared to the previous year.
Research and development expenditures for China’s internet sector in 2019 were 53.5 billion yuan, for YoY growth of 23.1%, and an acceleration of 4.1 percentage points compared to the preceding year.