China's major internet firms log rapid revenue growth

BEIJING - China's internet and related sectors saw double-digit growth in business revenue in the first five months of the year, official data showed.

The revenue of major internet companies surged 24.4 percent year-on-year to 598.1 billion yuan ($92.43 billion) in the January-May period, according to the Ministry of Industry and Information Technology (MIIT).

These companies raked in a total of 60.66 billion yuan in operating profits during the period, while the sector's spending on research and development stood at 29.01 billion yuan, an increase of 16.3 percent, the data showed.

The internet sector has become a key component of China's "new economy" as the country undergoes a growth shift, driven more by technology and consumption.

MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year.