The number of apps on the market in China has seen a sharp decline, as authorities apply greater pressure to the country’s online platforms and fintech sector.
As of the end of September the number of apps monitored on China’s domestic market stood at 2.74 million, for a net decline of 80,000 compared to August, according to figures from the Ministry of Industry and Information Technology (MIIT).
In the month of September a total of 60,000 new apps hit the digital shelves of online platforms, while a further 140,000 were removed from sales.
Despite a recent crackdown on Internet platforms as well as new regulations intended to curb excessive online gaming by minors, China’s online giants have seen major revenue growth since the start of 2021.
China’s large scale Internet and related services enterprises posted operating revenues of 1.1633 trillion yuan in the first three months of 2021, for a YoY rise of 25.4%, and an average annual increase of 19.4% over the past two year period.
Operating profits were 96.6 billion yuan for the period, for a YoY rise of 16.8%, while R&D expenditures were 52.9 billion yuan, for a YoY rise of 11.9%.