An employee, together with intelligent machines, processes orders for new-energy vehicle (NEV) components at an auto manufacturing company in Jinhua, East China's Zhejiang Province on July 16, 2025. The company supplies parts to NEV manufacturers, with an annual output of 700,000 units. Photo: VCG

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 on Thursday.

According to the National Bureau of Statistics (NBS), the added value of the three new growth drivers reached 24.2908 trillion yuan ($3.38 trillion), marking a year-on-year increase of 6.7 percent calculated at current prices. It accounted for 18.01 percent of the GDP, up by 0.43 percentage points from a year earlier. 

New industries refer to emerging economic activities of a certain scale formed through the application of new technological achievements and emerging technologies. 

Specifically, they include new industries directly generated by the utilization and industrialization of new technologies; new industries formed by traditional industries adopting modern information technology; and new industries derived from the differentiation, upgrading, and integration of industries driven by the promotion and application of technological achievements and information technology, according to the NBS.

New business formats refer to new segments, chains, or activity forms derived and integrated from existing industries and sectors, driven by technological innovation and application to meet diverse, varied, and personalized product or service demands. 

Specifically, they involve business activities conducted through the internet; innovations in business processes, service models, or product forms; and the provision of more flexible and efficient personalized services.

New business models refer to the integration and reorganization of various internal and external elements of enterprise operations to achieve user value and sustained profitability, forming efficient and uniquely competitive business operation models. They include integrating the internet with industrial innovation; incorporating hardware into services; and providing one-stop services for consumption, entertainment, leisure, and services.

The added value of the “three new” economy measures refer to 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. 

Global Times