China software and IT market worth US$83b

China’s software products and IT services market was worth US$82.99 billion (RMB580 billion) in 2007, accounting for 8% of global revenues from the sector, the Shanghai Securities News reported, Chen Ying, deputy director of the Product Department under the Ministry of Industry and Informationalization, told China’s first meeting on outsourcing services held in Hangzhou that the value of the global market expanded 7.4% to US$940 billion in 2007. China exported US$10.24 billion worth of software products and IT services last year, 60% to Japan and 20% to Europe and the US. Chen said Europe and the US would be the fastest growing markets for China in the years to come.