Caixin New Economy Index Falls on Drop in Capital Inputs
High value-added industries such as biotechnology and advanced equipment manufacturing contributed less to China’s overall economic inputs in December as capital inputs declined, a Caixin index showed Thursday.
The Mastercard Caixin BBD New Economy Index (NEI) came in at 29 last month, indicating that new economy industries accounted for 29% of China’s overall economic input activities. The reading was down from 29.7 in the previous month.
The NEI aims to track the size of, and changes in, China’s nascent industries by using big data. It measures labor, capital and technology inputs in 10 emerging industries relative to those used by all industries.
The decline in last month’s NEI was mainly due to a drop in the subindex for capital inputs, which has a 35% weighting. The subindex in December edged down 2.4 points from the previous month to 33.
The technology input subindex, which has a 25% weighting, rose 0.5 points from the previous month to 28.4. This gauge measures the number of scientific research personnel recruited by the tracked industries, and the number of inventions they created and patents they obtained.
The subindex for labor inputs, which has a weighting of 40%, edged up marginally from November.
The NEI, launched in March 2016, defines a new economy industry as one that is labor and technology intensive but has a relatively low ratio of fixed capital, sustainable and rapid growth, and is one of the strategic new industries encouraged by the government.
Of the 10 tracked industries, new information technology remained the top contributor in December, making up 13.5 percent of the NEI reading. The biomedical industry was the second-largest contributor. Energy conservation and environmental protection ranked third.
The average monthly entry-level salary in new economy industries, based on data compiled from online career and recruitment websites, rose to 11,311 yuan ($1,623) in December from 10,990 yuan in the month before.
The monthly NEI reports are written by Caixin Insight Group and Chinese big-data research firm BBD, in collaboration with the National School of Development at Peking University.
Contact reporter Tang Ziyi (firstname.lastname@example.org) and editor Michael Bellart (email@example.com)
Caixin Global has launched Caixin CEIC Mobile, the mobile-only version of its world-class macroeconomic data platform.
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