China's "Three New" Economic Added Value Was Equivalent to 16.3 Percent of GDP in 2019

According to accounting, the economic added value of China's "three new industries" in 2019 was 16,192.7 billion yuan, equivalent to 16.3 percent of GDP, 0.2 percentage point higher than that of the previous year; the growth rate calculated at current price was 9.3 percent[1], 1.5 percentage points higher than the current price growth rate of GDP in the same period.

In terms of the three industries, the added value of the primary industry of the "three new" economy was 668.5 billion yuan, equivalent to 0.7 percent[2] of GDP; the added value of the secondary industry of the "three new" economy was 7,044.3 billion yuan, equivalent to 7.1 percent of GDP; the added value of the tertiary industry of the "three new" economy was 8,479.9 billion yuan, equivalent to 8.6 percent of GDP.

Accounting Results of "Three New" Economic Added Value in 2019

Notes:

1. The final verified economic added value of "three new industries" was 14,810.9 billion yuan in 2018;

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

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.