Three for Thriving
Jul 23, 2020
3 minutes
By Wang Jun
Copyedited by Sudeshna Sarkar
With the Chinese economy moving toward high quality-oriented development from being manufacturing- and export-driven, the focus is on nurturing three “new economies”—new industries, new formats and new business models.
They are based on innovation with digitalization, big data, artificial intelligence (AI) and online retail spurring them on. Their growth has been remarkable, especially during the novel coronavirus epidemic, when many traditional sectors wilted.
In 2017, their growth value was 15.7 percent of the GDP. In 2019, it went up to 16.3 percent, or 16.19 trillion yuan ($2.32 trillion), the
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