China New Economy Contribution Hits Seven-Year High, Caixin Index Shows

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An optoelectronic technology company produces LED chips in Suqian, Jiangsu province, Sept. 3. Photo: VCG

The contribution of high value-added industries such as biomedicine to China’s total economic inputs reached the highest since August 2017, as capital inputs hit an all-time high, a Caixin index showed Saturday.

The Caixin BBD New Economy Index (NEI) rose 1.6 points from September to 32.5 last month, indicating that new economy industries accounted for 32.5% of China’s overall economic input activities.

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The Caixin BBD New Economy Index increased to 32.5% in October, with high value-added industries contributing significantly to China's economic inputs.
Capital inputs reached a record high of 48.1, while technology inputs rose to 34.2, contrasting a decline in labor inputs to 17.8.
The average monthly entry-level salary in the 10 tracked industries was 12,548 yuan ($1,761), a decrease from the previous month.

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Who’s Who

Caixin Data Technology Co. Ltd.: Caixin Data Technology Co. Ltd. collaborates with BBD and the National School of Development at Peking University to produce monthly reports on the Caixin BBD New Economy Index. This index uses big data to analyze labor, capital, and technology inputs in China's emerging industries, providing detailed insights into their contribution to the overall economy.

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 Caixin BBD New Economy Index (NEI). This index tracks labor, capital, and technology inputs in China's emerging industries using big data, providing insights into the contribution of technology- and human capital-intensive industries to China's economy.

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What Happened When

March 2016：: The NEI was launched.

October 2024：: The Caixin BBD New Economy Index (NEI) rose to 32.5, indicating that new economy industries accounted for 32.5% of China's overall economic input activities.

October 2024：: Technology inputs rose to 34.2, the highest since January 2018.

October 2024：: Labor inputs fell for four straight months, reaching a record low of 17.8.

October 2024：: The contribution of the new information technology industry to the index dropped to 8.9, the lowest this year.

October 2024：: The average monthly entry-level salary in the 10 industries was 12,548 yuan, down 350 yuan from September 2024.

By October 2024：: Capital inputs reached 48.1, the highest since the record started in 2015.

November 2, 2024：: Caixin reported that the contribution of high value-added industries to China's total economic inputs reached the highest since August 2017.

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