China’s information service consumption climbed by 11% year on year to about 5 trillion yuan (US$727.8 billion) in 2018, according to official data based on preliminary estimates.

The growth is about two times of the overall gross domestic product and accounts for more than 10% in final consumption, Xinhua News Agency reported.

In 2018, the software and information technology service industries reported business revenue of 6.3 trillion yuan, up 14.2% year on year, said Xie Shaofeng, director of the information and software service department of MIIT, at a seminar held in Yinchuan.

The number of Chinese companies with annual revenue of over 10 billion yuan reached 13.

Total profit for the industry was 807.9 billion yuan, up 9.7% year on year. Per capita revenue was 981,000 yuan, up 9.6%. The profitability of the industry keeps rising, said the official.