China's internet industry sees shrinking investment, financing

BEIJING -- Investment and financing in China's internet industry stayed at a low level in the fourth quarter of last year, said a report released by the China Academy of Information and Communications Technology (CAICT).

The disclosed value of investment and financing stood at $9.74 billion in the fourth quarter of 2021, rising 6.4 percent quarter on quarter but decreasing by 49.2 percent from a year ago, data from the report showed.

On a global scale, the disclosed value of investment and financing in the internet industry surged 81.6 percent year on year to 120.8 billion dollars during the period, said CAICT, a research institute under the Ministry of Industry and Information Technology.