China New Economy Index at 3-month high

The Mastercard Caixin BBD China New Economy Index, which aims to track the size and change in China’s new economy using big data, rose to the highest in three months in July, suggesting that emerging higher value-added industries such as biotechnology are making a bigger contribution than traditional sectors to the economy. (NEI) shows that new economy industries accounted for 31.5% of total economic inputs used to make goods and services last month, up from 29.3% in June and 28.2% in May. The index measures labor, capital and technology inputs in 10 emerging industries relative to those used by all industries. The reading rose in July on the back of a recovery in capital and technology inputs, two of the three subindexes in the NEI, while the labor input dropped slightly, according to the report compiled by Caixin Insight Group.