Ministry of Industry and Information Technology of China recently published the operating conditions of China's Internet and related service companies for the first five months of 2020.
According to statistics from MIIT, China's Internet business revenue saw a significant growth rate recovery during the reporting period. From January to May 2020, China's Internet and related service companies realized revenue of CNY471.9 billion, a year-on-year increase of 14.9%. The growth rate was ten percentage points higher than that of the first four months of 2020; however, it was 4.5 percentage points lower than the same period of last year.
Meanwhile, the industry profit maintained a growth. From January to May 2020, the entire industry realized total operating profit of CNY53.31 billion, a year-on-year increase of 3.1%, which were 1.7 percentage points lower than that of the first four months and 21.5 percentage points lower than the same period of last year.
The report also showed that the research and development investment of the industry continued its recovery trend. During the first five months of 2020, the entire industry completed CNY23.67 billion R&D expense, a year-on-year increase of 10%. The growth rate was 4.7 percentage points higher than that of the first four months and it was 5.6 percentage points lower than he same period of last year.
