Investment in China’s Internet industry grew by double digits in the third quarter year on year, according to a new report from the China Academy of Information and Communications Technology.

As the world’s largest market for robots, e-commerce and smartphones, China saw Internet industry investment reach six billion US dollars in the third quarter, up 22.2 percent from a year earlier, the report said. 

However, in terms of quarter-on-quarter development, the number was down 55.6 percent due to a lack of big investment cases. 

"We support innovations in areas such as smart devices, sensors, interconnected smart vehicles and medical segments," said Diao Shijing, Director General of the IT Industry Department of the Ministry of Industry and Information Technology, adding that "the integrated circuits industry, as the fundamental and most important sector, has been searching for directions so it won’t miss new growth opportunities." 

The Chinese government has set a clear timetable for integration of industry and the internet. According to the plan, an "industrial internet infrastructure network" will cover all regions and sector by 2025. 

There were 429 recorded cases of investment in the Chinese internet industry in the third quarter, up by 75.1 percent from the second quarter, and by 193.8 percent from the same period last year, showing a more active capital market, said the academy’s report.

Among those investment cases, 83 were in e-commerce, 77 in internet finance, 48 in business services and 36 in online education. Internet finance drew the most investment – 1.26 billion US dollars.