China's New Economic Growth Drivers Index Increased by 14.2% in 2024
To dynamically monitor the changes in new drivers of China's economic development, the Institute of Statistical Sciences of the National Bureau of Statistics of China calculated the new economic growth drivers index for 2024, by employing the fixed-base index method, according to the Statistical Monitoring System for New Industries, New Formats and New Business Models. The results showed that China's new economic growth drivers index in 2024 (taking 2022 as 100) was 136.0, an increase of 14.2 percent over the previous year. In 2024, all sub-indexes increased compared to the previous year, among which network economy index and the innovation driven index contributed the most to the growth of the total index.
I. Network economy index. The network economy index in 2024 was 142.4, an increase of 16.2 percent over the previous year, with a contribution rate of 35.2 percent to the overall index growth.
II. Innovation driven index. The innovation driven index in 2024 was 138.5, an increase of 13.2 percent over the previous year, with a contribution rate of 28.5 percent to the overall index growth.
III. Economic vitality index. The economic vitality index in 2024 was 130.9, an increase of 14.5 percent over the previous year, with a contribution rate of 19.6 percent to the overall index growth.
IV. Transformation and upgrading index. The transformation and upgrading index in 2024 was 127.8, an increase of 12.5 percent over the previous year, with a contribution rate of 16.7 percent to the overall index growth.
New Economic Growth Drivers Index, Sub-indexes and Their Growth Rates from 2023 to 2024
|
Items |
2023 |
2024 | ||
|
Index Value |
Growth Rate (%) |
Index Value |
Growth Rate (%) | |
|
New Economic Growth Drivers Index |
119.1 |
19.1 |
136.0 |
14.2 |
|
Economic vitality |
114.3 |
14.3 |
130.9 |
14.5 |
|
Innovation driven |
122.4 |
22.4 |
138.5 |
13.2 |
|
Network economy |
122.5 |
22.5 |
142.4 |
16.2 |
|
Transformation and upgrading |
113.6 |
13.6 |
127.8 |
12.5 |
|
Note: The new economic growth drivers index for the previous year (2023) has undergone historical data revision based on the results of the Fifth National Economic Census. | ||||
Attachment: Statistical Indicator System and Calculation Method for the New Economic Growth Drivers Index
I. Statistical Indicator System for the New Economic Growth Drivers Index
Table 1 Statistical Indicator System for the New Economic Growth Drivers Index and Weights
|
Category |
Weight |
No. |
Indicator |
|
Economic vitality index |
0.2 |
1 |
Number of newly established business entities |
|
2 |
Number of high-tech enterprises | ||
|
3 |
Express business volume | ||
|
4 |
Growth rate of investments in high-tech industry | ||
|
Innovation driven index |
0.3 |
1 |
Expenditure on R&D |
|
2 |
R&D personnel full-time equivalents per 10,000 people | ||
|
3 |
Numbers of high-value invention patents owned by per 10,000 people | ||
|
4 |
Contract amount in technology market | ||
|
5 |
Numbers of “Little Giant” firms | ||
|
Network economy index |
0.3 |
1 |
Flow accessed to mobile internet |
|
2 |
Numbers of 5G base stations | ||
|
3 |
Cross-border e-commerce export value | ||
|
4 |
Online retail sales of physical goods | ||
|
Transformation and upgrading index |
0.2 |
1 |
Added value of strategic emerging industries |
|
2 |
Proportions of enterprises engaging in e-commerce | ||
|
3 |
Export value of “the new three” [1] | ||
|
4 |
Non-fossil energy consumption | ||
|
5 |
Added value of digital product-related industries | ||
|
Note: [1] The export volume of the “new three” is measured after excluding the impact of price fluctuations. | |||
II. Calculation Method for New Economic Growth Drivers Index
The New Economic Growth Drivers Index is a composite index constructed using a linear weighted comprehensive evaluation method. It is based on data from surveys on "the three new" (new industries, new formats, and new business models). The year 2022 is taken as the base period (2022 = 100) in this calculation. The index value here represents the variation trend of new economic growth drivers compared to that of 2022. The specific steps are as follows:
1. Standardization of Basic Indicators
Where 
represents the corresponding index of
, 
represents the value of the reporting period, and 
represents the value of the base period.
2. Calculation of Classification Index
Where, 
is the weight of 
, 
is the 
-th index value of the classification, 
is the ordinal number of the first basic index in the whole index system in the category of 
, and 
is the ordinal number of the last basic index in the whole index system in the category of 
.
3. Calculation Formula of New Economic Growth Drivers Index
Among them, NEI is the new economic growth drivers index and 
is the weight of classification index of 
.
4. Calculation of Contribution Rate of Sub Index to Total Index Growth
Contribution Rate = 