China sees spiking software, IT product sales

BEIJING - Software and IT services sales surged in the first five months this year, evidence that consumption pertaining to technology and Internet is increasing economic growth, said China's top economic planner.

The two sectors witnessed a 17.1 percent increase in sales revenue from a year earlier to 1.59 trillion yuan ($260 billion) during the Jan - May period, the National Development and Reform Commission (NDRC) said Monday.

The growth rate outperformed the 10.4 percent growth for overall retail sales in the same period, official data showed.

Products like smart TVs, smart cellphones and wearable devices are leading the sales increase, with the sales volume of smart TVs jumping 59.9 percent in May year on year, the NDRC said in a statement.

Brand new products and business models are providing fresh support for economic growth, with online sales volume surging 39.1 percent in the first half of this year, the statement said.

China's gross domestic product (GDP) expanded 7 percent from a year ago in the second quarter, the same with the first quarter, beating a market forecast for further decline.