China’s software and IT sector are reportedly witnessing faster growth in terms of both revenue and profit in the first eight months of the year. According to the Ministry of Industry and Information Technology (MIIT), the total revenue of the sector was around $574.19 billion (3.95 trillion yuan) in January-August, increased from 14.8 percent from the last year, quickening from 13.8 percent in the same period a year ago.
Combined profits in the sector marked 492.4 billion yuan, up 13.7 percent year-on-year. These picked up the pace from 12.1 percent a year ago and 13.5 percent in the first seven months. Along with this, the MIIT data also showed faster export growth and increases in both, the number of employees and the average salary level as well.
China’s software and IT sector witnessed rapid development during the past years. The credit can be given to Internet-based innovations and the transformation of traditional sectors. China has been the most developed economy in the world and is gearing up to remain one.