China's IT sector has generated revenue of about 800 billion renminbi (US$96.7 billion) in the first eight months of this year, according a report in the newspaper China Daily, citing statistics from China's Ministry of Information Industry (MII).
The latest figures show an increase compared to the 1 trillion renminbi total ($120.7 billion) for the whole of last year, the MII said Wednesday, according to the report. China's IT industry has become the third largest in the world and a major income earner of the Chinese economy, the report said.
However, technology companies were prompted to upgrade their technology level to avoid becoming low-end manufacturers. China still lacks cutting-edge technology despite its lead in electronics manufacturing, MII officials said, according to the report.
To promote innovation, the MII has begun holding annual technological invention campaigns. In this year's competition, inventions in the fields of mobile communication, fiber optics, intelligent handwriting recognition and geographic remote sensing have won MII's seal of approval, the report said.