(MENAFN) Recent official figures released by the Chinese Ministry of Industry and Information Technology illuminate a positive growth trajectory for China's telecommunications industry throughout the initial 11 months of 2023, largely propelled by the emergence and expansion of new business avenues. According to insights provided by the state-affiliated Chinese news agency, "Xinhua," the cumulative revenues generated by enterprises operating within this sector reached an impressive 1.55 trillion yuan, equivalent to approximately USD218 billion, marking a substantial 6.9 percent uptick compared to the corresponding period in the preceding year.

A pivotal driver behind this encouraging performance can be attributed to the formidable trio of telecommunications behemoths in China—China Telecom, China Mobile, and China Unicom. These industry leaders reported a notable surge in revenues derived from nascent business ventures, registering a robust 20.1 percent year-on-year growth, culminating in a cumulative revenue influx of 332.6 billion yuan.

This pronounced expansion in newer sectors substantially bolstered the overall financial metrics of the telecommunications industry, propelling it forward by an additional 3.8 percentage points. Delving into specific verticals, the realms of cloud computing and big data emerged as particularly lucrative domains, witnessing staggering revenue escalations of 39.7 percent and 43.3 percent, respectively, when juxtaposed against the analogous period in the prior year. Furthermore, broadband internet services maintained their financial vigor, contributing revenues amounting to 240.4 billion yuan for the aforementioned triumvirate of telecom giants, marking an appreciable 8.5 percent annual growth.

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