The Chinese Ministry of Industry and Information Technology announced that major Chinese internet companies recorded total revenues of approximately $198 billion in 2020.
Operating profits in the internet industry grew by 13.2% year-on-year to nearly $18.355 billion, and the sector's total spending on research and development amounted to approximately $12.185 billion, an increase of 6% compared to 2019. It is noteworthy that the ministry's statistics surpassed companies with annual revenues from internet services exceeding approximately $773,000 during the previous year.
