China NDRC: New growth drivers contributed over 40% to economic growth in first three quarters

The framing matters as much as the figure: by attributing over 40% of growth to "new drivers," the NDRC is signalling that policy support will keep tilting toward high-end manufacturing, the smart economy and modern services rather than traditional stimulus. The drug-licensing detail is the more concrete signal, with outbound licensing already near last year's full-year level, suggesting China's biotech pipeline is becoming an export asset rather than a domestic story. Whether that licensing pace holds through the fourth quarter, and whether the "new drivers" share is sustained rather than a compositional artifact of weak old drivers, is the open question.