China’s provinces bank on high growth amid export rebound

Hubei and Hainan lead the country with targets of 10 per cent while Xinjiang aims for 5.5 per cent

China’s success in controlling the coronavirus will increase international confidence in its production capacity, economist says

Reading Time:2 minutes

Hainan is aiming for 10 per cent growth this year. Photo: Xinhua

Published: 9:15am, 21 Feb 2021Updated: 11:04pm, 21 Feb 2021

Provinces throughout China have set growth targets of up to 10 per cent this year as the country’s top legislature prepares to meet next month.

All of the 31 provincial-level jurisdictions are aiming for over 6 per cent economic growth for 2021, with 20 setting a target of more than 6.5 per cent – roughly the same growth forecasts set in 2019 before the coronavirus pandemic.

The provinces of Hubei and Hainan lead the nation with 10 per cent while Tibet’s goal is 9 per cent, according to the provincial governments.

Observers said there was general confidence that the rebound from the third-quarter of last year would continue as export orders from around the world were diverted to China, where the coronavirus is largely under control.

The release of the provincial growth targets is seen as a prelude to the annual session of the National People’s Congress, which will get under way in Beijing on March 4.

China’s economy grew by 2.3 per cent in 2020, the lowest rate since 1976. But China is also likely to be the only major economy to have expanded last year.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x