China GDP: provinces aim for higher growth as country looks to bounce back from economic impact of Covid
- So far 21 provincial governments have set a target of growing their economies between 5 and 6.5 per cent
- The country is expected to miss its target for last year as strict Covid controls weighed down the economy
Most Chinese provinces have set a 2023 growth target of between 5 and 6.5 per cent, indicating a relatively optimistic outlook as the country looks to rebound from Covid-19.
The targets come as the world’s second largest economy is seeking to stabilise its growth, employment and price levels, and policymakers have vowed to get the economy back on track after falling short of last year’s growth target.
Three of China’s top five economic provinces – Guangdong, Shandong and Zhejiang – aim for a gross domestic product growth rate of “above 5 per cent”, while Henan, the fifth largest, hopes to achieve around 6 per cent, according to their annual work reports.
Another economic powerhouse, Jiangsu, has not yet convened its local party congress or released its targets.
Many provinces said they aimed to boost consumption, the private economy and manufacturing investment as a way of boosting growth and a time when overseas orders are expected to fall as a result of the potential recession in developed markets.
While the central government is due to announce its national targets – for GDP, the fiscal deficit ratio, the consumer price index, energy intensity and technological input – during March’s parliamentary session, provincial targets provide a glimpse into Beijing’s development goals and policy priorities.