New industries, business formats, models contribute more to Chinese economy

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Beijing

The added value of new industries, new business formats and new business models, dubbed the “three new” economy, contributed more to China’s economic growth last year, official data shows.

These new growth drivers accounted for 17.08 percent of the country’s gross do-mestic product (GDP) last year, up 0.7 percentage points from the previous year, the National Bureau of Statistics (NBS) said on Tuesday.

Calculated at current prices, the new driv-ers climbed 4.5 percent in 2020 from the previous year, outpacing GDP growth by 1.5 percentage points, said the NBS.

A new industry involves the application of new scientific and technological achieve-ments and new technologies to form a cer-tain scale of new economic activities.

A new business format involves new links, new chains and new activity forms derived from existing industries and fields.—Xinhua

 

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