The LI ZHIHAO BEIJING - China's major internet enterprises and related services companies saw their spending on research and development R&D increase faster in 2022, official data showed.
Last year, R&D spending of these firms increased by 7.7 percent year-on-year, with the growth rate increasing by 2.7 percentage points from that in 2021, according to the Ministry of Industry and Information Technology.
The ministry said in 2022 that the companies made 141.5 billion yuan in profits, increasing by 3.3 percent year-on-year, while the combined business revenue of these enterprises decreased by 1.1 percent to about 1.46 trillion yuan from the previous year.