China’s industrial powerhouse Guangdong slashes growth target for 2019
- Southeastern province, which includes the cities of Shenzhen and Guangzhou, aims for 6.0-6.5 per cent growth this year
- The target is the same expected to be confirmed as China’s overall growth target for 2019 as the trade war with the United States continues to slow the economy
China’s main industrial powerhouse of Guangdong has lowered its main economic growth target for 2019 to a range of 6.0-6.5 per cent, matching the national target expected to be confirmed by Beijing in March.
Guangdong’s gross domestic product (GDP) grew by 6.8 per cent in 2018 to about 9.73 trillion yuan (US$1.44 trillion), governor Ma Xingrui said at the opening of the provincial people’s congress on Monday, having set a target of 7 per cent at the beginning of last year.
The province in the southeast of China, which includes the cities of Shenzhen and Guangzhou, saw a 7.5 per cent year-on-year GDP growth in 2017.
Shenzhen and Guangzhou also failed to meet their economic growth targets last year.
China’s growth target for 2019 was endorsed by top leaders at the annual closed-door Central Economic Work Conference in December, but will not be officially confirmed until annual parliamentary session in March.
