China's internet sector increases R&D spending in Jan.-Sept.

BEIJING -- China's internet companies increased their spending on research and development in the first three quarters of the year, data from the Ministry of Industry and Information Technology shows.

Major internet companies spent 56.6 billion yuan (about $7.8 billion) on R&D during the period, up 8.8 percent year on year.

From January to September, the business revenues of major internet companies and related services companies came in at 1.1 trillion yuan, down 0.9 percent year on year, the ministry said.

Their combined profits stood at 96.6 billion yuan in the same period, down by 8.3 percent year on year.

Major internet companies and related services companies are those with an annual business revenue of at least 20 million yuan.