Jul 02, 2024 06:31 PM
ECONOMY
Caixin Index Shows New Economy Industries’ Biggest Contribution to China in Seven Years
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A photovoltaic project in Tongliao, Inner Mongolia, on June 29. Photo: VCG
The contribution of high value-added industries, such as biomedicine, to China’s total economic inputs in June reached its highest level since August 2017, driven by increases in technology and capital inputs, a Caixin index showed Tuesday.
The Caixin BBD New Economy Index (NEI) came in at 32.4 last month, indicating that new economy industries accounted for 32.4% of China’s overall economic input activities. The gauge gained 1.7 points from May.
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- The Caixin BBD New Economy Index (NEI) reached 32.4% in June, up 1.7 points from May.
- Technology inputs increased by 3.6 points, reaching 33.6, while capital inputs rose by 2.3 points to 43.7.
- Labor inputs remained unchanged at 21.8 for the third consecutive month, and the average monthly entry-level salary in tracked industries was 13,563 yuan.
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Who’s Who
- Caixin Data Technology Co. Ltd.
- Caixin Data Technology Co. Ltd. collaborates with Chinese big-data research firm BBD and the National School of Development at Peking University to produce monthly reports for the Caixin BBD New Economy Index (NEI). They use big data to track China's nascent industries, measuring labor, capital, and technology inputs in 10 emerging sectors to gauge their contributions to the country's overall economic activities.
- BBD
- BBD, or Business Big Data, is a Chinese big-data research firm that collaborates with Caixin Data Technology Co. Ltd. and the National School of Development at Peking University. They co-author the Caixin BBD New Economy Index (NEI) reports, which track the size and development of China's emerging industries using big data.
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What Happened When
- March 2016：
- The NEI was launched.
- August 2017：
- The previous highest level of high value-added industries' contribution to China’s total economic inputs was recorded before June 2024.
- March 2018：
- The previous high for the technology inputs subindex was recorded before June 2024.
- May 2024：
- The NEI was 30.7 points (before increasing to 32.4 in June 2024).
- June 2024：
- The contribution of high value-added industries to China’s total economic inputs reached its highest level since August 2017.
- June 2024：
- The NEI came in at 32.4.
- June 2024：
- The subindex for technology inputs rose to 33.6, marking a high not seen since March 2018.
- June 2024：
- The subindex for capital inputs rose by 2.3 points to 43.7, reaching a nine-month high.
- June 2024：
- Labor inputs remained at 21.8 for the third consecutive month.
- June 2024：
- New information technology industry contribution to NEI registered the highest reading of the year at 11.1.
- June 2024：
- The average monthly entry-level salary in the 10 industries was 13,563 yuan, up 82 yuan from the previous month.
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