New Delhi, June 13: China has been ranked as the fourth largest software producer in the world with an annual output of 583.4 billion Yuan (84.5 billion dollars) for the year 2007.

Speaking at the International Software China 2008 show, Industry and Information Technology Vice Minister Lou Qinjian, said that the Chinese software industry has grown at a very fast pace since the country began its reform and opening-up three decades ago. It has grown into a fundamental industry with strategic importance to the country.

China’s share of the global software industry rose from 1.2 percent in 2000 to 8.7 percent in 2007, recording a growth of more than 30 percent annually due to a favourable policy environment, the Xinhua reported.

Cao Jianlin, Science and Technology vice minister, said the innovation and personnel training should be encouraged to sustain long-term development of the industry.

The International Software China 2008 opened in Beijing on Thursday and runs through Saturday. It highlights Chinese industrial policy, planning, industrial standards, software technologies and development, investment and financing and enterprise personnel recruiting. (ANI)