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China's digital industry revenue up 9.4 pct in Q1

China

China

China

China's digital industry revenue up 9.4 pct in Q1

2025-05-17 00:18 Last Updated At:02:17

China's digital industry generated 8.5 trillion yuan (about 1.18 trillion U.S. dollars) in revenue in the first quarter, representing a 9.4 percent year-on-year increase.

According to data released Friday by the Ministry of Industry and Information Technology, the growth rate is 4.4 percentage points higher than that recorded in the same period last year.

Breaking it down, revenue in the digital manufacturing sector grew by 10.4 percent, while the digital services sector saw an 8.2 percent rise.

The number of 5G base stations in China surpassed 4.39 million by the end of March, with user penetration reaching 75.9 percent, the ministry reported in April.

The digital economy's core sectors have maintained stable growth, with the software industry alone generating 3.1 trillion yuan in revenue, up 10.6 percent year-on-year. 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."

China is also advancing an "AI Plus" initiative, which seeks to effectively integrate digital technologies with the country's manufacturing capabilities and market strengths.

China's digital industry revenue up 9.4 pct in Q1

China's digital industry revenue up 9.4 pct in Q1

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.

Chinese yuan strengthens to 7.0108 against USD Monday

Chinese yuan strengthens to 7.0108 against USD Monday

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