Value of China's new economy equals 16.3% of GDP

The economic value added from China's "new industries, new business forms and new business models" registered 16.19 trillion yuan ($2.31 trillion) in 2019, equal to 16.3 percent of the year's gross domestic product (GDP), up 0.2 percentage points year-on-year, the National Bureau of Statistics said on Monday.

Categorized by industries, the value added of these "three new areas" hit 668.5 billion yuan in primary industries, equal to 0.7 percent of the GDP; 7.04 trillion yuan in secondary industries, equal to 7.1 percent of the GDP; and 8.48 trillion yuan in tertiary industries, equal to 8.6 percent of the GDP.

According to the National Bureau of Statistics, the new industries refer to new business activities with a rather large scale and where new scientific findings and emerging technologies are applied.

The new business forms include new links, new chains and new activities that adapt to diversified and customized products and services. Based on technological innovations and applications, they are created from modern industries.

New business models refer to efficient business operation models with unique competitiveness and a goal to help users realize their value and maintain sustainable profits.