沈艳 ：Measurement of the New Economy in China: Big Data Approach（with Minggao Shen、 Qin Chen）
China has entered a “new normal” stage, where the returns to capital are continuing to decrease and low-skilled labor intensive industries are growing at a much slower speed. Whether the country can enjoy sustainable growth critically depends on the growth of the new economy sector. However, there is little information about the structure and growth trend of this sector. This article constructs for the first time the New Economy Index to provide a framework for measuring the new economy sector in China. The article defines the scope of the sector and uses a big data approach to identify the new economy sector and enterprises belonging to it. The New Economy Index is used to describe the growth pattern of the new economy sector. The findings show that the sector accounts for about 30 percent of the whole economy, and the New Economy Index is negatively correlated to several traditional economic indexes, such as the Purchasing Manager Index of the manufacturing industry.