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November 25, 2016

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Index set to measure rising ‘new economy’

THE National Bureau of Statistics is working on an index that will measure the burgeoning China’s “new economy,” a bureau official said yesterday.

The index will gauge the new economy in terms of knowledge, economic vitality, innovation, digitalization, transformation and upgrading, as well as achievements, Xian Zude, the bureau’s chief statistician, said at a forum.

The new economy has seen rapid development in China in recent years, with high-tech industries accelerating, Internet-based business prospering, online retail sales soaring, as well as new products and services springing up, Xian said.

However, China lacks statistical standards and a unified indicator to reflect the development of the new economy, he said.

To better grasp the status of the new economy, since May the bureau has started to collect data on new industries, new forms of commercial activities and new business models, Xian said.

An ongoing nationwide agricultural census also includes data about how farmers use the Internet and transact online, he said.

The sharing economy, such as ride-sharing and room-letting businesses, will be excluded from the new-economy index due to difficulty in quantitative measuring, Xian said.

China’s economy grew 6.7 percent year on year in the third quarter, but it was the slowest growth since the global financial crisis.


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