1. The Caixin BBD New Economy Index (NEI) for May came in at 32.4, down 0.1 points from the previous month, indicating that new economy industries accounted for 32.4% of China’s overall economic inputs. [para. 1][para. 2] The NEI uses big data to track the size of China’s new economy industries by measuring labor, capital, and technology inputs in 10 emerging industries relative to all industries. [para. 4] The overall decline was driven by drops in high value-added industries such as biomedicine, with both labor and technology inputs decreasing. [para. 1]2. The labor input subindex, which has a 40% weighting in the NEI, dropped 1 point month-on-month to 20.3. [para. 5] This subindex tracks salaries and the number of positions at new economy companies. [para. 5] The technology input subindex, with a 25% weighting, fell 2.1 points to 31.2. [para. 6] It measures the number of research personnel recruited as well as inventions created and patents obtained. [para. 6]3. The capital input subindex, which carries a 35% weighting in the index, rose 2.2 points to 47. [para. 7] This increase partially offset declines in labor and technology inputs. [para. 7]4. Among the 10 tracked industries, the new information technology industry remained the largest contributor to the index, contributing 13.4 points in May. [para. 9] Additionally, the average monthly entry-level salary in these 10 industries was 13,353 yuan ($1,974), down 95 yuan compared to the previous month, based on data from online career and recruitment websites. [para. 10]5. The NEI was launched in March 2016 and defines a new economy industry as one that is technology- and human capital-intensive but asset-light, experiences sustainable and rapid growth, and is strategically encouraged by the government. [para. 8] Monthly NEI reports are written by Caixin Insight Group and Chinese big-data research firm BBD, in collaboration with the National School of Development at Peking University. [para. 11]AI generated, for reference only