2020 China’s New Economy Driver Index saw an increase by 35.3% with Internet Economy Contributing 81.7%

The National Bureau of Statistics on July 26 announced that, taking 2014 as 100, the 2015-2020 China’s New Economy Driver Index was 119.6, 146.9, 191.2, 257.9, 325.5, and 440.3, compared with the previous year, respectively increasing by 19.6%, 22.8%, 30.2%, 34.9%, 26.2% and 35.3%.

Photo/ Weibo of PBOC

As official data showed, the Internet economy index, among all the sub-indexes, skyrocketed at a top speed to 1323.6, contributing 81.7% percent to the growth of the combined index in 2020, with an increase of 54.8% compared to last year.

An official of the Institute of Statistical Science of the National Bureau of Statistics, Lyu Haiqi said composed by new industry, new formats and new models, China’s new economic driver is still expanding, unleashing the vitality of the economy and supporting its high-quality development amid the severe COVID-19 outbreak.

Photo/CFP

All these are indicated by the following aspects: The rapid development of the network economy boosts the new economy driver; Under the continuous stimulation of market vitality, the resilience of economic development sees sustaining booming; Investment in research and development continues to increase with innovation capabilities accelerating; Human resource is steadily accumulated, and the foundation of intelligence is effectively consolidated; The industrial structure continues to be optimized with the pace of shifts in sectors accelerated.

For example, online office, remote telemedicine, contactless delivery and other businesses have been widely developed. Offline companies have “touched the online” to develop online businesses, new consumption forms maintaining rapid development. Data showed that in 2020, China’s e-commerce platform transaction volume reached 37.2 trillion yuan achieving an increase of 4.5% over the previous year based on a year-on-year calculation.

In terms of innovation capabilities, the Innovation Driven Index of 2020 is 239.1, with an increase of 18.1% over the previous year and market of technology factors have maintained rapid growth. In 2020, the contract amount of the technology market went up by 26.1% at a total of 2825.15 billion (CNY), over the previous year.

The 2020 China International Fair for Trade in Services (referred to as the “Service Trade Fair”) was held in Beijing from September 4th to 9th with the theme of “Global Service, Shared Prosperity”. At the Forum on Emerging Trade of 5G in Services Development, the profound impact of 5G on service trade was studied and discussed from multiple perspectives and dimensions by scholars and experts. Hot topics such as “5G new infrastructure empowers emerging service industries”, “5G leads the high-quality development of service trade”, “economic effects of 5G and transformations of trade forms”, provide revelatory references for the development of 5G application services. 

Photo/Xinhua

Official from Ministry of Industry and Information Technology stated in his speech that the changes of society due to 5G was inseparable from its innovation of application. The key to the 5G development is to give full play to the technical characteristics of 5G to empower various industries and further stimulate new momentum for 5G development. It is necessary to continuously improve the network supply capacity and actively build ecosystem for the application industry. Communication operators are greatly encouraged to cooperate with enterprises of artificial intelligence, cloud computing, big data, etc. and to develop integrated solutions for comprehensive applications in joint efforts. Besides, further applications in key areas such as smart manufacturing, telematics, and health care should also be accelerated for exploring replicable and scalable business forms with 5G application scenarios enriched, 5G comprehensive applications deepened, thus a prosperous ecosystem established.

At the Forum on Trends and Latest Developments of Digital Trade, Ji Lin, chairman of the Beijing Municipal Committee of the Chinese People’s Political Consultative Conference and Secretary of the Party Group said we must grasp the opportunities brought by the booming new technologies and the digital economy, develop new business forms of digital trade, and foster new growth areas for economic and social development.

In June 2020, the CPC Beijing Municipal Committee and the People’s Government of Beijing Municipal issued the Several Suggestions on Accelerating the Cultivation and Growth of New Business Forms to Promote the High-quality Development of Beijing’s  Economy with 5 supporting documents. In the next step, Beijing will continue to accelerate the push to develop new business forms and models in fields such as new infrastructure, new opening-up, new consumption, new scenarios and new services.

In the future Beijing will build a digital trade pilot zone relying on key areas such as Zhongguancun Software Park, national digital service export bases, Jinzhan International Cooperation Service Area, free trade zones and the Beijing Daxing airport area. We make full use of block chain, artificial intelligence, big data and other new technologies to promote various parts and trades for boosting production and making business more competitive. We would also ramp up efforts to cultivate a group of leading digital enterprises and unicorns with global influence, and build a sustainable, open and prosperous trading system.