Market Trends

China's software sector sees faster growth

China's software and IT sector reported faster growth in both revenue and profit in the first eight months of the year, according to official data.

The sector's total revenue amounted to 3.95 trillion yuan ($574.19 billion) in January-August, up 14.8 percent from a year earlier, quickening from 13.8 percent in the same period a year ago, according to the Ministry of Industry and Information Technology (MIIT).

Combined profits in the sector stood at 492.4 billion yuan, up 13.7 percent year-on-year, picking up pace from 12.1 percent a year earlier and 13.5 percent in the first seven months.

MIIT data also showed faster export growth, and increases in both the number of employees and average salary level.

China's software and IT sector witnessed rapid development during the past years thanks to Internet-based innovations and the transformation of traditional sectors.

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