China to Boost Digital Industry with Revenues to Exceed $4.9 Trillion in 2024

China’s digital industry saw steady growth in 2024, with revenues and profits rising significantly, according to data from the Ministry of Industry and Information Technology.

The Chinese news agency Xinhua reported that the sector’s revenue reached 35 trillion yuan (about $4.9 trillion) last year, a 5.5% year-on-year increase, while total profits rose 3.5% to 2.7 trillion yuan.

The data also showed that the added value of computer, communications, and electronics manufacturers grew 11.8%, an increase of 8.4 percentage points over the previous year. The software sector achieved a 10% growth in revenue to 13.7 trillion yuan, driven by artificial intelligence, cloud computing, and emerging business activities.

In its government work report this year, China emphasized accelerating the digitization of manufacturing and developing specialized service providers to support digital transformation, especially for small and medium-sized enterprises. It is also working to promote the “Artificial Intelligence Plus” initiative, which aims to integrate digital technologies with the country’s manufacturing and market sectors.