China GDP: provinces set conservative 2024 economic growth targets as debt hangover bites
- Northern municipality of Tianjin has set a 4.5 per cent gross domestic product (GDP) growth target for 2024, having reported subpar expansion of 4.3 per cent last year
- Northeastern backwater of Heilongjiang is targeting 5.5 per cent growth in 2024 amid rising tourism revenues
Some of China’s most indebted regions have set conservative economic growth targets for 2024 after being told to concentrate on defusing the debt bomb, adding to the headwinds that are set to haunt the world’s second-largest economy this year.
The northern municipality of Tianjin, which lies 100km (62 miles) east of Beijing, announced a 4.5 per cent gross domestic product (GDP) growth goal on Tuesday, after reporting subpar expansion of 4.3 per cent year on year for 2023.
Tianjin, having relied on debt to fund massive infrastructure projects to fuel growth, owed 864.5 billion yuan at the end of 2022, according to the Guangzhou-based Yuekai Securities.
But its total fiscal revenue in 2022, including transfer payments from the central government, was less than 300 billion yuan.