China's advertising industry revenue surges 18 pct in 2024

China's advertising industry recorded a strong 17.9 percent year-on-year growth in 2024, with total revenue surpassing 1.5 trillion yuan (about 204.9 billion U.S. dollars), official data showed on Thursday. Among all advertising mediums, including TV, film, radio, and newspapers, internet advertising stood out, demonstrating robust growth and claiming the largest share of total revenue.

The revenue from internet advertising soared to 891.91 billion yuan (about 121.83 billion U.S. dollars)in 2024, marking a 24 percent year-on-year increase. This accounted for 86.5 percent of the total advertising revenue across all media platforms, according to data from the State Administration for Market Regulation, China's top market regulator.

Realizing the close connection between the advertising industry and the real economy, over 10 provincial-level regions in China allocated more than 10 billion yuan (about 1.37 billion U.S. dollars) each last year to help businesses and farmers develop their brands. This initiative has boosted domestic consumption, according to the regulator.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.