China to create new methods for evaluating new economy

Chinese authorities are studying new methodologies to assess the economic contribution from industries seen as part of the “new economy”, a deputy head of the country’s statistics bureau said in speech published on Sunday, according to the South China Morning Post. The new economy encompasses operators from biotechnology companies to online retailers but the rise of some new and high-growth industries has brought challenges to evaluating economic growth. Xu Xianchun, deputy head of the National Bureau of Statistics, said free services provided by internet companies had contributed to the country’s gross domestic product, in comments carried on the Shanghai Securities Journal website. Such services were underestimated, leading to lower official GDP numbers, he added.