New industries, business formats, models contribute more to Chinese economy in 2023

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 Tuesday.

These new growth drivers accounted for 17.73 percent of the country's gross domestic product (GDP) last year, up 0.37 percentage points from the previous year, the National Bureau of Statistics (NBS) said.

Calculated at current prices, the added value of the new growth drivers was around 22.35 trillion yuan ($3.13 trillion) last year, growing by 6.4 percent from the previous year, according to the NBS.

A new industry involves the application of new scientific and technological achievements and new technologies to form a certain scale of new economic activities. A new business format involves new links, new chains and new activity forms derived from existing industries and fields, with technological innovation and application as key drivers.

A new business model involves the integration and reorganization of various elements of enterprise operation to achieve the goal of customer value and sustainable profit, forming an efficient and competitive business operation mode.

The added value of the "three new" economy measures the added value created by all permanent resident units of a country (or region) engaged in "three new" economic production activities within a certain period of time, according to the NBS.