China's digital industry reports revenue, profit growth in 2024

BEIJING - China's digital industry operated steadily in 2024, with increases in both revenue and profits, data from the Ministry of Industry and Information Technology (MIIT) showed on Monday.

The industry's business revenue reached 35 trillion yuan ($4.9 trillion) last year, a 5.5 percent year-on-year increase. Total profits grew 3.5 percent year-on-year to 2.7 trillion yuan, according to the MIIT.

Notably, the added value of major manufacturers of computers, communication devices and other electronic devices grew 11.8 percent, up 8.4 percentage points from the previous year.

Boosted by artificial intelligence (AI), cloud platforms and other emerging business activities, the country's software sector recorded 10 percent growth in business revenue, which reached 13.7 trillion yuan.

China has been committed to developing digital technology to transform and upgrade its traditional industries.

According to this year's government work report, the country will "accelerate the digitalization of manufacturing, foster a number of service providers with both industry expertise and digital know-how, and bolster support for the digital transformation of small and medium-sized enterprises."

The country is also advancing an "AI Plus" initiative, which calls for collective efforts to effectively combine digital technologies with China's manufacturing and market strengths.