Opinion | China’s state-led growth model to intensify in 2021 as ambitious provinces lay out growth targets
- China is celebrating its 2.3 per cent economic growth rate in 2020 having bounced back from the impact of the coronavirus at the start of the year
- Over the last few days, China’s provinces have outlined their economic and social development plans for the year ahead, including growth rate targets
A review of China’s provincial people’s congresses over the last couple of days has been like watching a competition of spending ambitions.
Guangdong is the most conservative among a dozen or so provinces and municipalities that have published their goals. The province, with an economic size on par with Canada, is aiming for only “a minimum growth rate of 6 per cent”, on par with the municipalities of Beijing, Shanghai and Chongqing.
Hubei, which was hit hard by the coronavirus in 2020, is aiming for 10 per cent growth, along with the tropical island of Hainan, which is striving to become an international free-trade port.
The central authority is expected to be largely accommodative this year, the year when the Communist Party will celebrate its 100th anniversary and is in need of a triumphant, festival and joyful atmosphere
Shanxi plans to grow its economy by 8 per cent, while Henan, where the world’s largest iPhone factory is based, is aiming for at least 7 per cent growth. Fujian has set its economic growth target at “about 7.5 per cent”.