The Proportion of Value Added by "Three New" Economy in GDP for 2024 is 18.01%

After being accounted, the value added by China's "three new" economy was 24.2908 trillion yuan, up by 6.7 percent compared to the previous year (calculated at a current price), with a growth rate of 2.5 percentage points higher than that of the current price for gross domestic product (GDP) in the same period; its proportion in GDP stood at 18.01 percent, up by 0.43 percentage points compared to the previous year [1].

Accounting Results of Value Added by "Three New Economy" in 2024

Notes:

[1] The value added data of the "three new" economy for the previous year (2023) were revised retrospectively based on the results of the Fifth National Economic Census.

Annotations:

1. Explanatory Notes

"Three new" economy is a collection of economic activities with new industries, new formats and new business models as their core.

New industries refer to a certain scale of novel economic activities formed through the application of new scientific and technological achievements, and emerging technologies. Specific indications are as follows: the first is a new industry directly generated by the industrialization of new technology application; the second is that formed due to the application of modern information technology to a traditional industry; and the third is that derived from industrial division, upgrading and integration advanced by the popularization and application of scientific and technological achievements, and information technology.

New formats refer to derivate new links, new chains and new activity patterns from existing industries and fields relying on technological innovation and application, which conform to requirements of diverse, various and personalized products or services. Specific indications are as follows: the first is a business activity operated depending on the Internet; the second is innovation in business procedures, service models or product patterns; and the third is to provide more flexible and convenient personalized services.

New business models refer to the integration and restructuring of various internal and external factors operated by enterprises to form a high efficiency and uniquely competitive business operation model, so as to achieve user value and sustainable profits for enterprises. Specific indications are as follows: the first is to integrate the Internet with industrial innovation; the second is to combine hardware with services; and the third is to provide one-stop service of consumption, recreation, leisure and services.

The value added by "three new" economy measures the value added by all resident units specializing in the production activities of "three new" economy at a certain period in a country (or region).

2. Accounting scope and classification

The accounting scope of the value added by "three new" economy is determined according to Statistical Classification of New Industries, New Formats, and New Business Models (2018).

Three industries for the value added by "three new" economy are classified on the basis of the Regulations on the Classification of the Three Industries enacted in 2018 by the NBS of China. The primary industry in "three new" economy refers to agriculture, forestry, animal husbandry and fishery industries (excluding agriculture, forestry, animal husbandry and fishery specialties and auxiliary activities) with the characteristics of the economy; the secondary industry refers to mining and quarrying (excluding mining specialties and auxiliary activities), manufacturing (excluding fabricated metal products, machinery and equipment repair), and production and supply of electricity, heat power, gas and water with the characteristics of the economy; the tertiary industry refers to all other industries (excluding international organizations) with the characteristics of the economy, not included in the primary or secondary industries

3. Accounting method and data source

The value added by "three new" economy is accounted by a value-added rate method, an estimation method with related indicators and other methods from producer side using national economic census data, statistical data of "three new" economy, and national economic accounting data.

4. Proportion of value added by "three new" economy in GDP

The proportion of the value added by "three new" economy in GDP is calculated by the preliminary accounting result of the value added by "three new" economy and GDP in the current year.