China's software sector picks up pace in Jan-Oct

BEIJING - China's software and IT service reported increased revenue growth in the first 10 months of the year, according to official data.

The sector's total revenue amounted to 5.05 trillion yuan ($727 billion) in January-October, up 15.1 percent from a year earlier, the Ministry of Industry and Information Technology (MIIT) said.

Picking up pace for two straight months, the sector is in the fastest expansion this year. "It has maintained stable and sound development trend," the MIIT said.

Combined profits grew 12.1 percent year-on-year to reach 636.1 billion yuan. MIIT data also showed stable software export growth, and increases in both the number of employees and average salary levels.

China's software and IT service sector has witnessed rapid development during past years thanks to internet-based innovations and upgrades in traditional sectors.