China’s New Economy Industries Slip as Labor Inputs Fall to Nine-Year Low

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A worker observes the growth of deer antler mushrooms in a smart mushroom factory Suining, Jiangsu province. Photo: VCG

The contribution of high value-added industries, such as biomedicine, to China’s total economic inputs sank to a five-month low in August, due primarily to decreases in labor and technology inputs, a Caixin index showed Monday.

The Caixin BBD New Economy Index (NEI) fell 1.2 points from July to 29.8 last month, indicating that new economy industries accounted for 29.8% of China’s overall economic input activities.

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The Caixin BBD New Economy Index (NEI) fell to 29.8 in August, a drop of 1.2 points from July, reflecting a decline in new economy industries' share of China’s economic inputs.
Technology and labor inputs decreased significantly, with technology inputs dropping by 2.4 points to 30.5 and labor inputs reaching a record low of 19.
The average monthly entry-level salary in the 10 tracked industries was 12,919 yuan ($1,816) in August, down 545 yuan from July.

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What Happened When

August 2015：: The earliest available data on labor inputs showing the lowest level in August 2024.

March 2016：: The NEI was launched.

July 2024：: The Caixin BBD New Economy Index (NEI) was at 31.0.

July 2024：: Labor inputs came in at 20.2, 1.2 points higher than in August 2024.

August 2024：: The contribution of high value-added industries to China’s total economic inputs sank to a five-month low.

Monday：: Caixin index showed that the contribution of high value-added industries sank.

AI generated, for reference only

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