China's new growth drivers further gain momentum: index

China's new growth drivers have gained momentum last year as the country continued efforts to foster economic vitality and encourage technological innovation, official data showed Saturday.

The new growth driver index, compiled by the National Bureau of Statistics (NBS), increased 19.5 percent from a year ago to 119.5 in 2023, the NBS said.

The reading suggested that the country's new growth drivers, featured by new industries, new business forms and models, continued to thrive last year, and the country made steady progress in boosting its economic vitality and innovation-driven development, said Lyu Haiqi, an official with the NBS.

The NBS said it has adjusted the calculation of the index to better reveal changes in the new growth drivers of the country's economic development.

With 2022 as the base year and 100 points as the base value, the index measures the vitality of new industries, new business forms and models, with sub-indices covering the internet economy, innovation capability, economic vitality as well as transformation and upgrading.

All sub-indices climbed in 2023. Those for innovation and internet economy posted solid growth, surging 22.3 percent and 22.1 percent from one year earlier, respectively, and serving as major drivers for the total index increase, according to the NBS.

China's economy expanded 5.2 percent year on year in 2023, above the government's annual growth target of around 5 percent set for the year.