New retail to give growth fresh boost

New Retail, or the use of internet technologies to boost commerce, has become a new growth engine for the Chinese economy, according to latest economic trackers for the first half of 2018.

Local government reports have pointed to the employment of big data and cloud computing to revamp traditional retail as a solid force to bolster consumption, which accounted for 78.5 percent of GDP growth from January to June.

"New economy featuring the application of internet technologies is a crucial factor driving economic growth," said Tang Huihao, deputy director of Shanghai Municipal Statistics Bureau.