Revenue of leading software product segments in China 2021
In 2021, companies in the IT service segment spent over 705 billion yuan on research and development in China. According to the Chinese government's plans tech-companies were able to receive tax benefits for R&D expenditures to support its domestic tech industry. However, in recent years, Beijing wanted to shift the focus away from the broad tech sector towards designated high-tech industries by tightening the requirements for companies to qualify for "key software enterprises".