Chinese Internet companies raises $35bn in two months

By Alimat Aliyeva

The total revenue of large Chinese Internet companies and companies providing related services amounted to 246.3 billion yuan (about $34.71 billion) in January-February, with an increase of 7.6% year-on-year, Azernews reports, citing foreign media outlets.

This is evidenced by data from the Ministry of Industry and Information Technology of the People's Republic of China, posted on the agency's website.

The total profit amounted to 16.97 billion yuan (approximately $2.4 billion), which is 6.5% more compared to the same period last year.

The largest Internet companies and companies providing related services are among those whose annual business income is at least 20 million yuan.

The number of Internet users in China by the end of 2023 exceeded 1.09 billion people. The population's access rate to the global network was 77.5%.