Economic Contribution of High Value-Added Industries Grows, Caixin Index Shows
The contribution of high value-added industries such as new information technology and advanced equipment manufacturing to China’s overall economic inputs grew in March as capital inputs rose, a Caixin index showed Thursday.
The Mastercard Caixin BBD New Economy Index (NEI) came in at 31.2 last month, indicating that new economy industries accounted for 31.2% of China’s overall economic input activities. The reading was up from 30.3 in February.
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 increase in last month’s NEI was mainly due to a rise in the subindex for capital inputs, which has a 35% weighting. The subindex in March rose 2.9 points from the previous month to 39.2.
The technology input subindex, which has a 25% weighting, rose 0.7 points from the previous month to 29.2. 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%, dropped 0.6 points from the previous month to 25.5 in March.
The NEI, launched in March 2016, defines a new economy industry as one that is human capital- and technology-intensive but asset-light, experiences sustainable and rapid growth, and is a strategic new industry encouraged by the government.
Of the 10 tracked industries, new information technology remained the top contributor in March, contributing 13.4 percentage points to the NEI reading. Advanced equipment manufacturing was the second-largest contributor, while the biomedical industry ranked third.
Companies in the new economy industries accelerated work resumption in March, as the coronavirus epidemic eased in China, according to the NEI report.
The average monthly entry-level salary in new economy industries, based on data compiled from online career and recruitment websites, fell to 11,593 yuan ($1,630) in March from 12,224 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 (email@example.com) and editor Joshua Dummer (firstname.lastname@example.org)
Caixin Global has launched Caixin CEIC Mobile, the mobile-only version of its world-class macroeconomic data platform.
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