Market Trends

Software industry provides stronger drive for China's growth

China's software industry is playing an increasingly strong role in driving the country's economic development and bringing dynamic changes to people's lives, an official said Tuesday.

Xie Shaofeng, an official with the Ministry of Industry and Information Technology (MIIT) revealed that business revenue of China's software industry stood at 5.5 trillion yuan ($875 billion) in 2017, 1.2 times higher than the 2012 level.

Total profits of China's software industry reached 702 billion yuan last year, according to Xie, who said at a press conference for the upcoming China International Software Expo.

The software industry is now supporting the expansion and upgrading of information consumption and providing a larger force in boosting the country's economic growth, Xie said.

The 22nd China International Software Expo is set to open in Beijing on June 29 this year, which will introduce the latest innovation of the industry, as well as cutting-edge technologies and products to the public, such as those related to artificial intelligence, blockchain, and open source software.

The expo, jointly held by the MIIT and the government of Beijing, will also strengthen protection and use of intellectual property rights with innovative transaction services to bring more transparency and less copyright infringement to software trading.

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