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China’s Provinces Hint at GDP Growth Target of at Least 5%

  • Provinces aiming for growth of between 5% and 9% this year
  • Local officials usually more ambitious than central government

China’s provincial authorities are expecting their economies to expand at least 5% this year, providing clues on where the national government will set its growth target in coming months. 

All but one of the 31 provinces have now announced their 2022 growth goals, with Beijing city the lowest at above 5% and the southern island of Hainan the highest at 9%. Local authorities are generally more ambitious in setting objectives than the central government, which usually publishes a target for annual gross domestic product growth in March when the National People’s Congress meets.