Briefly

Internet firms report faster profit growth

China's major internet companies and related services firms saw notable profit increases in the first five months, said the China Academy of Information and Communications Technology. Profits of these companies surged 43 percent year-on-year to 57.62 billion yuan ($7.99 billion) during the period, the data showed. Combined business revenue of these companies stood at 531 billion yuan, up 2.8 percent year-on-year.

Digital payment services expand

China's digital payment sector expanded last year to cover more global clients and shore up the real economy, according to a report by China UnionPay, the country's largest bank card payment processor. In 2022, online payment services provided by China UnionPay extended to over 22 million clients in more than 200 countries and regions, said the annual report on the development of China's bank card industry. Over 41 million people across China received consumption vouchers from China UnionPay's payment app last year, which brought about transactions worth nearly 50 billion yuan ($6.9 billion).

Tianjin cross-border e-commerce trade up

North China's port city of Tianjin reported a total cross-border e-commerce trade volume of around 6.52 billion yuan ($902.3 million) in the first half, up 2.95 percent year-on-year, according to the municipal commerce commission. During the period, more than 2.06 billion yuan of imports and nearly 4.46 billion yuan of exports were carried out via the city's official cross-border e-commerce comprehensive service platform, marking an increase of 2.28 percent and 3.27 percent year-on-year, respectively, the commission said.

Xinhua - China Daily