China’s export hub Guangdong remains cautious on economic outlook after tough 2020
- Province sets relatively modest growth target of ‘over 6 per cent’ and avoids setting specific trade goals
- Last year saw the provincial economy increase by 6 per cent despite the impact of Covid-19, annual legislative meeting told
Guangdong, China’s export powerhouse, has set a relatively low growth target of “over 6 per cent” for the year and avoided setting a specific target for trade growth, as provincial authorities remained cautious about this year’s outlook following last year’s Covid-19 outbreak.
China’s richest province, which includes the Pearl River Delta manufacturing hub, still reported a 6 per cent increase in gross domestic product (GDP) last year, slightly lower than the 6.3 per cent recorded in 2019, according to the provincial government report delivered at the annual legislative meeting on Sunday.
Officials also said they hoped for “positive growth” in trade this year without setting a specific target.
The 13th five-year plan aimed to develop the country’s manufacturing sector and move China away from being the global factory for cheap, low-tech goods to focus on producing higher-value products.
The outlines of the new five-year plan shift the policy focus towards promoting self-reliance, technological innovation and quality of life.