China's software industry sees strong growth in Q1

BEIJING, April 30 (Xinhua) -- China's software and information technology service industry reported steady growth in revenue and profits in the first quarter (Q1) of 2023, data from the Ministry of Industry and Information Technology showed.

Profits of the sector expanded 15.1 percent year on year to 266 billion yuan (about 38.42 billion U.S. dollars) in Q1, while revenue grew by 13.5 percent from a year ago to 2.44 trillion yuan, the data revealed.

Revenue from software products increased by 12.1 percent year on year to 605.8 billion yuan in this period. Revenue from industrial software products expanded to 59.5 billion yuan, marking a year-on-year increase of 12.5 percent, according to the data.

Cloud computing and big data services revenue jumped 16.6 percent year on year, and e-commerce platform technical services revenue rose 4.8 percent, the data showed.