China's 'three new' economy sees robust growth in 2023

(ECNS) -- The added value of new industries, new business formats and new business models, dubbed "three new" economy, reached around 22.35 trillion yuan ($3.13 trillion) in 2023, accounting for 17.73 percent of the country's gross domestic product (GDP), up 0.37 percentage points from the previous year, according to the National Bureau of Statistics (NBS).

Calculated at current prices, the added value of "three new" economy rose by 6.4 percent from the previous year, according to the NBS.

By new industries, in 2023 the added value of the primary, second and third industry amounted to 0.87 trillion yuan ($0.12 trillion), 9.35 trillion yuan, and 12.13 trillion yuan respectively, an increase of 3.2 percent, 0.7 percent, and 11.5 percent over the previous year, accounting for 3.9 percent, 41.8 percent, and 54.3 percent in the “three new” economy.

In recent years, the proportion of added value of "three new" economy in China's GDP has continued increasing, exceeding 16 percent in 2018 and 17 percent in 2020 respectively.

With its influence growing in China's economy, "three new" economy has become an important growth driver.