Contribution of China’s New Economy Industries Remains Steady

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A worker inspects an airframe built by Jiezhong Shark (Cangzhou) Aircraft Manufacturing Co. Ltd. on Thursday in Cangzhou, Hebei Province. Photo: VCG

The contribution of high value-added industries such as biomedicine to China’s total economic inputs held steady in May, a Caixin index showed Sunday.

The Caixin BBD New Economy Index (NEI) came in at 30.7 last month, indicating that new economy industries accounted for 30.7% of China’s overall economic input activities. The reading remained unchanged from the previous month.

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The Caixin BBD New Economy Index (NEI) for May remained at 30.7, indicating stability in the contribution of new economy industries to China's overall economic inputs.
The subindex for labor inputs was unchanged at 21.8, capital inputs dipped slightly to 41.4, while technology inputs increased to 30.
The average monthly entry-level salary in the 10 tracked industries rose to 13,481 yuan ($1,896).

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Who’s Who

Caixin Data Technology Co. Ltd.: Caixin Data Technology Co. Ltd., in collaboration with Chinese big-data research firm BBD and the National School of Development at Peking University, produces monthly NEI reports. These reports analyze the contributions of high value-added, emerging industries to China's economy, utilizing big data to assess labor, capital, and technology inputs in new economy sectors.

BBD: BBD is a Chinese big-data research firm that collaborates with Caixin Data Technology Co. Ltd. and the National School of Development at Peking University to produce the monthly Caixin BBD New Economy Index (NEI) reports.

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What Happened When

March 2016：: The NEI was launched, defining new economy industries as technology- and human capital-intensive, but asset-light, experiencing sustainable and rapid growth, and strategically encouraged by the government.

April 2024：: The NEI reading was 30.7%, and subindexes for labor inputs, capital inputs, and technology inputs were recorded.

May 2024：: The NEI reading remained at 30.7%, with the subindex for labor inputs at 21.8, the subindex for capital inputs dipped to 41.4, and the subindex for technology inputs increased to 30.