China eyes double-digit growth in software, IT service sectors

China is aiming for a 13 per cent annual growth in software and IT service industries during the five-year period from 2016 to 2020 and become a global player, according to a government plan released today.
The Ministry of Industry and Information Technology (MIIT) set a goal for 2020, that industry business revenue should exceed 8 trillion yuan (about 1.2 trillion US dollars) with average annual growth of more than 13 per cent from 2016 to 2020.
The country also aims to bring sales revenue from information security products to 200 billion yuan in 2020 with average annual growth over 20 per cent.

The government will support development of software and IT service companies, encouraging them to become influential and competitive industry leaders, said the MIIT.
Chinese companies should acquire leading innovative abilities and significant advantages in key sectors such as artificial intelligence, virtual reality, cloud computing and big data, state-run Xinhua news agency quoted the ministry as saying.
In a separate plan also released today, the MIIT said China will support exploration of the 5G standard and commercialize 5G technology by 2020.
China's information industry saw sales reach 17.1 trillion yuan in 2015, double the level in 2010, according to the MIIT.