How to reconstruct the growth momentum after the disappearance of demographic dividend is a worldwide problem. In the process of reconstructing growth momentum，the development of Internet economy plays an extremely important role. The technological means provided by the development of Internet economy can help enterprises successfully cope with the changes in market demand structure，obtain the agile dividend，prolong the period of demographic dividend，and improve consumer welfare. More importantly，thanks to the development of the Internet economy，it is possible to create new markets and create disruptive innovations with sufficient spillover effects and successfully reconstruct the growth momentum. In this report，we selected data in 2004-2017 from non-financial service industry and manufacturing listed companies closely related to the Internet in the A，Hong Kong stock and the United States stock market，we make international comparison between Chinese and American listed companies in the Internet service industry. While the characteristics of disruptive innovation are not obvious and the agile dividend is facing failure，the development of China’s Internet economy is still insufficient to reconstruct the growth momentum.