Chinese Internet Companies Report First-Ever Combined Revenue Decline
China’s internet firms saw a decline in revenue last year, the first-ever drop in nearly ten years, according to Chinese Communist Party (CCP) data.
Data released on Jan. 31 by China’s Ministry of Industry and Information Technology (MIIT) showed that in 2022, total business revenues of Internet and related services firms, with annual operating revenues of over 20 million yuan ($3 million) in size, declined 1.1 percent from 2021 to 1.46 trillion yuan ($220 billion) and the revenue growth rate dropped by 10 percentage points.
Compared with the data from previous years, the total business revenue of Chinese internet companies showed negative growth for the first time since 2013….