China's "Three New" Economic Added Value Was Equivalent to 17.08 Percent of GDP in 2020

In 2020, despite novel coronavirus pneumonia and the severe international impact, China's new industry, new business format and new business model continued to grow. After accounting, the economic added value of China's "three new" industries in 2020 reached 16,925.4 billion yuan, an increase of 4.5 percent over the previous year (excluding price factors, the same below), and 1.5 percentage points higher than the current growth rate of GDP in the same period; the proportion of GDP was 17.08 percent, 0.7 percentage point higher than that of the previous year.

In terms of three industries, in the "three new" economy, the added value of the primary industry was 742.3 billion yuan, an increase of 11.0 percent over the previous year, accounting for 4.39 percent; the added value of the secondary industry was 7,348.7 billion yuan, an increase of 4.3 percent over the previous year, accounting for 43.42 percent; the added value of the tertiary industry was 8,834.5 billion yuan, an increase of 4.2 percent over the previous year, accounting for 52.20 percent.

Accounting Results of "Three New" Economic Added Value in 2020

Notes:

1. Due to rounding off, the sum of itemized data may not equal to the total data.

2. The growth rate over last year is calculated on the current price.

Annotations:

I. Explanatory Notes

"Three new" economy is a collection of economic activities with new industry, new business format and new business model as the core content.

New industry refers to the application of new scientific and technological achievements and new technologies to form a certain scale of new economic activities. The specific performance is as follows: first, the new industry directly generated by the industrialization of new technology application; second, the new industry formed by the traditional industry adopting modern information technology; third, the new industry derived from the promotion and application of scientific and technological achievements and information technology to promote the industrial differentiation, upgrading and integration.

New business format refers to the new links, new chains and new activity forms derived from the existing industries and fields by complying with diversified, pluralistic and personalized product or service demands and relying on technological innovation and application. The specific performance is as follows: first, business activities based on the Internet; second, innovation of business process, service mode or product form; third, providing more flexible and fast personalized services.

The new business model refers to the integration and reorganization of various internal and external elements of enterprise operation in order to achieve the goal of customer value and sustainable profit, so as to form an efficient and competitive business operation mode. The specific performance is as follows: first, integrate the Internet with industrial innovation; second, integrate hardware into service; third, provide one-stop service of consumption, entertainment, leisure and service.

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

II. Accounting Coverage and Classification

The accounting coverage of "three new" economic added value is determined according to the Statistical Classification of New industry, New Business Format and New Business Model (2018).

The classification of the three industries of "three new" economic added value is formulated according to the regulations of the National Bureau of Statistics in 2018. The primary industry of "three new" economy refers to agriculture, forestry, animal husbandry and fishery (excluding agriculture, forestry, animal husbandry, fishery and auxiliary activities) with the economic characteristics of "three new" industry; the second industry refers to the mining industry (excluding mining professional and auxiliary activities), manufacturing industry (excluding metal products, machinery and equipment repair industry), production and supply of electric power, heat, gas and water with the economic characteristics of "three new" industry; tertiary industry refers to other industries (excluding international organizations) with the characteristics of "three new" economy, except the primary industry and the secondary industry.

III. Accounting Methods and Data Sources

The "three new" economic added value is calculated according to the "Accounting Method of Added Value of New Industry, New Business Format and New Business Model" formulated by the National Bureau of Statistics. Using relevant statistical data and national economic accounting data, the "three new" economic added value method and related index calculation method are used from the production side.

IV. The Added Value of "Three New" Economy Equivalent to the Proportion of GDP

The "three new" economic added value is equal to the proportion of GDP, which is calculated by using the "three new" economic added value and the preliminary accounting of GDP in that year.