China's software sector sees robust revenue growth in first 10 months

BEIJING -- China's software industry reported a 10-percent increase in business revenue in the first ten months of 2022, according to official data.

Revenue totaled 8.42 trillion yuan (about $1.18 trillion) during the period, data from the Ministry of Industry and Information Technology shows.

Companies in this sector raked in more than 1 trillion yuan in combined profits -- up 4.5 percent year on year.

In the first ten months, revenue of information technology services stood at nearly 5.46 trillion yuan, up 10.1 percent year on year. Revenue of cloud computing and big data services totaled 823.4 billion yuan, up 7.7 percent year on year.