BEIJING (XINHUA) – China’s major Internet enterprises saw their spending on research and development (R&D) resume a double-digit expansion in the first 10 months of 2022, official data showed.
During this period, R&D spending of these firms totalled CNY63.67 billion (about USD9.03 billion), up 10.4 per cent year on year, with a pace 1.6 percentage points faster than that recorded in the first three quarters, according to the Ministry of Industry and Information Technology.
The combined business revenue of major Internet companies and related services companies edged down 0.8 per cent year on year to CNY1.22 trillion, but the decline narrowed 0.1 percentage points from the first three quarters, the data showed.
Specifically, business revenue of firms mainly providing online sales services soared 16.3 per cent compared to one year earlier – a pace one percentage point faster than the January-September period.
Major Internet companies and related services companies are those with an annual business revenue of at least CNY20 million.