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Agricultural Development Bank of China
Economy

The New Kinetic Energy Index of China's Economic Development grows rapidly in 2020, NBS

July 28, 2021


Abstract : The New Kinetic Energy Index of China's Economic Development registered 440.3 in 2020, hiking 35.3 percent from that in 2019, reported Shanghai Securities News Monday quoting the National Bureau of Statistics (NBS) of China.

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Tourists admire the skyline view of Lujiazui area at the Bund in Shanghai, east China, Jan. 6, 2020. (Xinhua/Wang Xiang)

BEIJING, July 28 (Xinhua) -- The New Kinetic Energy Index of China's Economic Development registered 440.3 in 2020, hiking 35.3 percent from that in 2019, reported Shanghai Securities News Monday quoting the National Bureau of Statistics (NBS) of China.

This indicates that despite of the COVID-19 pandemic, China'seconomy showed sound vitality and resilience, and the new economic growth drivers have become strong support for China's high-quality economic growth.

The New Kinetic Energy Index of China's Economic Development, released by NBS, refers to the statistical indicator system with new industries, new business formats and new business models as the main contents. It aims to reflect the development trend and process of new economic momentum.

It contains five sub-indices, namely the network economy index, the economic vitality index, the innovation driven index, the knowledge capability index, and the transformation and upgrading index.

The network economy index grew by 54.8 percent from that of 2019 to reach 1323.6 in 2020, driven by the increasing maturity of network information technology (IT), the continuous improvement of network infrastructure, the acceleration of 5G infrastructure layout, the in-depth advancement of the Internet of Things (IoT) construction, the vigorous development of new consumption, and the improvement and optimization of market supply.

To be specific, at the end of 2020, the number of mobile internet users in China reached 1.349 billion, an increase of 2.3 percent from 2019, the mobile internet access traffic at 165.6 billion GB, an increase of 136 percent from 2019, and the fixed internet broadband access users of 480 million households, an increase of 7.6 percent from 2019.

Businesses such as online working, telemedicine, and contactless delivery hadbeen extensively developed. Many offline companies started to develop online businesses, and new forms and models of consumption continued to develop rapidly.

Data showed that the transaction volume of China's e-commerce platforms in 2020 stood at 37.2 trillion yuan, a year-on-year increase of 4.5 percent. Online retail sales registered 11.76 trillion yuan in 2020, an increase of 10.9 percent over the previous year on a comparable basis.

The economic vitality index increased by 17.4 percent year on year to 324.1 in 2020.

Specifically, the number of newly registered market entities hit 25.02 million, a net increase of 1.246 million or 5.2 percent from 2019. The actual use of foreign capital stood at 144.37 billion U.S. dollars, an increase of 4.5 percent, and with 42.8 billion going to the high-tech industry, an increase of 9.5 percent.

Driven by the rapid growth of online consumption, the express delivery service network continued to expand in 2020, with the express delivery business volume notching 83.36 billion pieces, up 31.2 percent over the previous year.

The innovation driven index in 2020 registered 239.1 with a growth of 18.1 percent from 2019, supported by continuous input in research and development (R&D) and growing innovation capabilities.

To be specific, the ratio of R&D expenditure to GDP registered 2.4 percent, 0.16 percentage point higher than that of 2019. The number of patents granted per 10,000 R&D personnel reached 4,639 pieces, a significant increase of 34.6 percent over the previous year. The technology market contract amount stood at 2825.15 billion yuan, an increase of 26.1 percent over the previous year.

The knowledge capability index increased by 10 percent year on year to 163.7 in 2020. Specifically, the proportion of the highly educated and highly skilled population steadily increased, and the population with a master's degree or above accounted for 1.08 percent of the economically active population, 0.13 percentage point higher from 2019.

With the accelerated improvement and transformation of theindustrial structure, the transformation and upgrading index in 2020 registered 150.7, an increase of 3.6 percent year on year.

Specifically, the added value of strategic emerging industries accounted for 11.7 percent of the GDP, 0.2 percentage point higher over the previous year. The added value of high-tech manufacturing increased by 7.1 percent year on year.The consumption of clean energy such as natural gas, hydropower, nuclear power, and wind power accounted for 24.3 percent of the total energy consumption, 1 percentage point higher over the previous year.

(Edited by Wang Yuhang, Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

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Keyword: China economic drivers

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