Digital Economy becomes an Important Force to Develop and Strengthen New Kinetic Energy

National Bureau of Statistics issued a new kinetic energy index for China's economic development in 2018. From 2015 to 2018, the new kinetic energy index of China's economic development was 123.5, 156.7, 210.1 and 270.3, respectively, which increased by 23.5%, 26.9%, 34.1% and 28.7% over the previous year, maintaining a relatively rapid growth momentum.

Lv Haiqi, director of the Statistical Science Research Institute of the National Bureau of statistics, said that with the further development of the "Internet +" action, the speed of network speed reduction and tariff reduction has been increasing. According to estimates, in 2018, the network economy index reached 605.4, up 67.2% from the previous year, and contributed 80.8% to the growth of the new momentum index of economic development, with the largest contribution.

With the rapid development of the Internet, especially mobile terminals, new retail models and formats are flourishing, online and offline integration is deepened, network consumption scale is expanded, structure is optimized, and new consumption momentum is accelerated. In 2018, China's e-commerce platform transactions reached 31.6 trillion yuan, an increase of 8.5% over the previous year. The national online retail sales reached 9 trillion yuan, an increase of 23.9% over the previous year.

"With the continuous advancement of a series of reform measures, such as tax and fee reduction, ‘put in custody’ and so on, enterprises have more room for innovation and entrepreneurship, and economic vitality is constantly released." Lu Haiqi introduced that, according to estimates, in 2018, the economic vitality index was 292.0, increased by 2.7% than the previous year. From the main indicators, with the deepening and upgrading of "double ventures", business environment continues to improve, and entrepreneurial enthusiasm is still high.

The continuous emergence of innovative achievements such as 5G communication technology and artificial intelligence is inseparable from the in-depth promotion of innovation-driven development strategy. In 2018, the innovation-driven index was 174.4, an increase of 21.8% over the previous year and an increase of 8.4 percentage points. From the perspective of constituent indicators, business incubator has been developing to a higher level and higher quality. Science and technology business incubator have become an important carrier to cultivate science and technology-based SMEs, especially strategic emerging industries. R&D investment has been increasing, and the ratio of R&D expenditure to GDP is 2.18%.

With the innovation of supply side structural development, new technologies and industries are flourishing, new products emerge in endlessly, industrial structure is constantly optimized, and the effect of transformation and upgrading is obvious. In 2018, the transformation and upgrading index was 143.9, up 8.8%, 2.4 percentage points faster than the previous year. In addition, in 2018, the knowledge capability index was 135.9, an increase of 5.8% over the previous year, and an increase of 3.1 percentage points over the previous year.

September 23, 2019

Source: Economic Daily

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