By Gabby Chen

(JW Insights) Feb 1 -- China's software and information technology sector sustained stable growth last year, with revenue jumping to RMB10 trillion ($1.48 trillion), according to the statistics released by Ministry of Industry and Information Technology (MIIT) on January 31.

IC design revenue reached a total of RMB279.7 billion ($41.47 billion), a year-on-year increase of 12.0%.

The sector's profitability remains stable. And the export of software business keeps growing.

In 2022, the revenue of software products totaled RMB2,658.3 billion ($394.13 billion), up 9.9% year-on-year. The growth rate dropped 2.4% from the same period of the previous year, representing 24.6% of the total revenue of the entire sector.

Industrial software products achieved revenue of RMB240.7 billion ($35.69 billion), a year-on-year increase of 14.3%, marking 3.1% higher than the overall level of the sector.

Meanwhile, IT services revenue saw rapid growth last year of RMB7,012.8 billion ($1,039.73 billion), up 11.7% year-on-year. It is 0.5% higher than the overall level of the sector, accounting for 64.9% of the sector's total revenue.

The total revenue of cloud and big data services reached RMB1,042.7 billion ($154.59 billion), a year-on-year growth of 8.7%. It accounted for 14.9% of IT service revenue, up 2% compared with the same period last year. The revenue from e-commerce platform technical services was RMB1,104.4 billion ($163.74 billion), up 18.5% year-on-year, according to MIIT.