China's software industry slows in H1

BEIJING -- China's software industry grew at a slower pace in the first half of the year amid the economic slowdown both at home and abroad, the Ministry of Industry and Information Technology said.

The sector's combined profits totaled 117 billion yuan ($18 billion) in the first half, up 10.6 percent from one year earlier, but the pace of growth slowed from 35.2-percent surge in the same period last year, the ministry said.

Business revenue climbed 26.2 percent year-on-year to 1.1 trillion yuan in the January-June period, down 3.1 percentage points than the growth in the same period last year.

In the first six months, the sector's exports rose 11.7 percent to $16.24 billion, 6 percentage points lower from the same period last year.

Analysts attributed the industry's slower growth to intensifying competition and weak external demand.