The Added Value of “Three New” Economy and Its Proportion to GDP in 2023

After accounting, the added value of China’s “three new” economy stood at 22,352.8 billion yuan in 2023, up by 6.4 percent over the previous year (calculated at current prices, the same below), with a growth rate of 1.8 percentage points higher than the growth rate of the country's gross domestic product (GDP) at current prices in the same period; these new growth drivers accounted for 17.73 percent of the country's GDP, up by 0.37 percentage point from the previous year.

Accounting Results for the Added Value of the 'Three New' Economy in 2023

Annotations:

I. Explanatory Notes

The "three new" economy is a collection of economic activities with new industries, new business formats and new business models as the core content.

A new industry involves the application of new scientific and technological achievements and new technologies to form a certain scale of new economic activities. Specifically, it is manifested in three perspectives: first, new industries directly generated by the industrialization of new technology application; second, new industries formed by traditional industries adopting modern information technology; third, the new industry derived from the differentiation, upgrading, and integration of industries driven by the promotion and application of scientific and technological achievements and information technology.

A new business format involves new links, new chains and new activity forms which cater to the diversified, varied, and personalized demands for products or services and were derived from existing industries and fields, with technological innovation and application as key drivers. Specifically, it is manifested in three perspectives: first, business activities based on the Internet; second, innovation of business process, service mode or product form; third, the provision of more flexible and fast personalized services.

A new business model involves the integration and reorganization of various elements of enterprise operation to achieve the goal of customer value and sustainable profit, forming an efficient and competitive business operation mode. Specifically, it is manifested in three perspectives: first, integrate the Internet with industrial innovation; second, integrate hardware into service; third, provide one-stop service of consumption, entertainment, leisure and service.

The added value of the "three new" economy measures the added value created by all permanent resident units of a country (or region) engaged in "three new" economic production activities within a certain period of time.

II. Accounting Coverage and Classification

The accounting coverage of the added value of the “three new” economy is determined in accordance with the Statistical classification of New Industry, New Business Format and New Business Model (2018).

The classification on the three industries of the added value of the “three new” economy is formulated in accordance with the regulations issued by the National Bureau of Statistics of China in 2018 regarding the classification of the three industries. The primary industry of the “three new” economy refers to agriculture, forestry, animal husbandry and fishery characterized by the "three new" economic features (excluding professional and auxiliary activities in support of agricultural, forestry, animal husbandry and fishery); the second industry refers to sectors characterized by the "three new" economic features, including the mining industry (excluding professional and support activities for mining), the manufacturing industry (excluding repair service of metal products, machinery and equipment), and the production and supply of electricity, heat power, gas and water; the tertiary industry refers to other sectors characterized by the "three new" economic features (excluding international organizations), aside from the primary industry and the secondary industry.

III. Accounting Methods and Data Sources

The added value of the "three new" economy is calculated from the production side using various methods, such as the value-added rate and relevant index calculations, based on data from the national economic census, statistics on the 'three new' economy, and national economic accounting data.

IV. Proportion of 'Three New' Economy Added Value to Gross Domestic Product

The value added of the 'three new' economy as a proportion of the GDP is calculated using the value added of the 'three new' economy and the preliminary accounting results of the country's GDP of the year.