China’s manufacturing powerhouse cuts 2026 GDP growth target after missing mark
Guangdong province, an industrial behemoth hit by property and global headwinds, shifts focus in a strategic pivot amid national reforms
China’s premier manufacturing hub is recalibrating its economic ambitions, with policymakers in the industrial heartland of Guangdong setting a cautious growth target for 2026, signalling a strategic shift amid intensifying external pressures and internal regional imbalances.
The southern province, bordering Hong Kong, expects its gross domestic product to grow between 4.5 and 5 per cent this year, its governor, Meng Fanli, said on Monday while delivering the annual government work report at the opening of the Guangdong provincial people’s congress.
The move comes after the province fell short of that 5 per cent target amid a persistent drag from the property market. Guangdong is home to major troubled developers such as Evergrande, Vanke and Country Garden.
The province’s economy continues to face a mix of long-standing issues and emerging challenges, Meng said in the report.