China’s New Economy Industries Rise on Labor, Tech Gains
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New economy industries accounted for 31.2% of China’s overall economic inputs in September. Photo: VCG
The contribution of high value-added industries such as biomedicine to China’s total economic inputs rose last month, as expansions in labor and technology inputs offset a contraction in capital inputs, a Caixin index showed.
The Caixin BBD New Economy Index (NEI) came in at 31.2 in September, up 1.3 points from August, reflecting that new economy industries accounted for 31.2% of China’s overall economic inputs.
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- New economy industries, such as biomedicine, accounted for 31.2% of China's economic inputs in September, up 1.3 points from August.
- Technology and labor input indices rose to 31.3 and 20.6, while capital input fell to 43.3.
- Entry-level salaries averaged 13,312 yuan ($1,870), down 334 yuan month-on-month.
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Who’s Who
- Caixin Data Technology Co. Ltd.
- Caixin Data Technology Co. Ltd. (财新数据科技有限公司) 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).
- BBD
- "BBD is a Chinese big-data research firm. They collaborate with Caixin Data Technology Co. Ltd. and the National School of Development at Peking University to produce monthly reports for the Caixin BBD New Economy Index (NEI)."
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What Happened When
- March 2016：
- The Caixin BBD New Economy Index (NEI) was launched.
- August 2025：
- The NEI was at 29.9. The average monthly entry-level salary in the 10 tracked industries was 13,646 yuan.
- September 2025：
- The NEI rose to 31.2, up 1.3 points from August 2025. High value-added industries, such as biomedicine, increased their contribution to China's total economic inputs. The capital input subindex dropped 0.8 points to 43.3. Technology input subindex climbed 2.9 points to 31.3. Labor input subindex rose 2.1 points to 20.6. The information technology industry remained the largest contributor, increasing its contribution by 0.1 point to 11. The average monthly entry-level salary in the 10 industries decreased by 334 yuan to 13,312 yuan.
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