BEIJING (XINHUA) – China’s Internet companies increased their spending on research and development (R&D) in the first three quarters of the year, data from the Ministry of Industry and Information Technology showed.
Major Internet companies spent CNY56.6 billion on R&D during the period, up 8.8 per cent year-on-year.
From January to September, the business revenues of major Internet companies and related services companies came in at CNY1.1 trillion, down 0.9 per cent year-on-year, the ministry said.
Their combined profits stood at CNY96.6 billion in the same period, down by 8.3 per cent year-on-year.
Major Internet companies and related services companies are those with an annual business revenue of at least CNY20 million.
