China's major internet firms report revenue growth in Jan-Feb

BEIJING -- China's major internet companies have registered a 29-percent year-on-year increase in business revenue in the first two months of 2021, official data showed.

The companies raked in a total revenue of 199 billion yuan ($30.3 billion) in the period, according to the Ministry of Industry and Information Technology.

The operating profit of major internet companies grew 17.3 percent year-on-year to 15.17 billion yuan during the period, while their spending on research and development totaled 11.6 billion yuan, 19.7 percent higher than the previous year.

MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year.