China’s New Economy Industries Take a Hit as Capital Inputs Tumble
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A worker handles silicon wafers on July 2 at the GCL production facility in Xuzhou, East China’s Jiangsu province. Photo: Bloomberg
The contribution of high value-added industries such as biomedicine to China’s total economic inputs fell last month, due primarily to a decline in capital inputs, a Caixin index showed Thursday.
The Caixin BBD New Economy Index (NEI) came in at 33.5 in December, down 0.9 points from the previous month when it hit the highest level recorded since June 2016. That indicates that new economy industries accounted for 33.5% of China’s overall economic inputs.
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- The Caixin BBD New Economy Index (NEI) for December was 33.5, a decrease of 0.9 points from the previous month, indicating a lower contribution from new economy industries to China's economic inputs.
- Capital inputs, with a 35% index weight, fell by 2.1 points to 47, while labor inputs dropped by 0.9 points to 18.5. In contrast, technology inputs hit a record high of 38.6.
- The new information technology industry was the largest contributor to the index despite a slight decrease to 10.3, with average monthly entry-level salaries at 12,590 yuan ($1,751).
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Who’s Who
- Caixin Data Technology Co. Ltd.
- Caixin Data Technology Co. Ltd. collaborates with the Chinese big-data research firm BBD and the National School of Development at Peking University to produce the monthly Caixin BBD New Economy Index (NEI) reports. These reports track labor, capital, and technology inputs in emerging industries in China, providing insights into the contributions of new economy industries to China's overall economic inputs.
- 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. The index tracks the size of China's emerging industries by measuring labor, capital, and technology inputs in 10 industries.
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What Happened When
- December 2024：
- The Caixin BBD New Economy Index (NEI) was reported to be 33.5, indicating new economy industries accounted for 33.5% of China's overall economic inputs.
- December 2024：
- Capital inputs were recorded at 47, down from a record high of 49.1 in the previous month.
- December 2024：
- Labor inputs dropped to 18.5.
- December 2024：
- Technology inputs rose to 38.6, the highest since the data series began in 2015.
- December 2024：
- The average monthly entry-level salary in the 10 industries was 12,590 yuan ($1,751), down 149 yuan from November 2024.
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