China software sector revenues up 18% in Q1

BEIJING?- Business revenues for China's software sector increased 17.5 percent year on year in the first quarter to 880 billion yuan ($144 billion), latest data revealed.

The growth rate for the quarter increased by 1.7 percentage points compared to the rate registered for the Jan-Feb period, said Chen Wei, director of the software service sector department under the Ministry of Industry and Information Technology.

"Due to innovation and technological upgrades, more and more software products became applicable, which further boosted the growth of hardware products," Chen said at a press conference held here Wednesday for the upcoming 19th Int'l Soft China, an exposition event to be held May 27-29 in Beijing.

The sector's fast growth has become a shining spot in China's economic development, the official said, adding it will play a core role in leading industrial innovation, boosting digitalization in industries and safeguarding nation's information security.

The Chinese government is pursuing two major development strategies, including "Internet Plus" and "Made in China 2025", to better the economy and upgrade industrial development with advanced technologies.

Sponsored by the Chinese government, the exposition is expected to attract more than 600 domestic software manufacturers as well as 30 software companies from overseas, including the United States and the Republic of Korea, Chen said.