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China’s CNY1 Trillion GDP Cities Set Economic Growth Targets of Up to 7%
LIN XIAOZHAO
DATE: 4 HOURS AGO
/ SOURCE: YICAI
(Yicai Global) Jan. 9 -- Guangzhou, Suzhou, and nine other Chinese cities that had gross domestic products of more than CNY1 trillion (USD146.2 billion) each last year have set targets for economic growth this year of as much as 7 percent.
Of the 24 cities with GDP of more than CNY1 trillion last year, Guangzhou, Suzhou, Jinan, Qingdao, Changsha, Hefei, Zhengzhou, Fuzhou, Ningbo, Nantong, and Wuhan had released GDP targets for 2023 as of yesterday, aiming at increases of between 5 percent and 7 percent.
Guangzhou, capital of Guangdong province, aims for a 6 percent jump in GDP, up from last year’s 5.5 percent goal. The city plans to invest over CNY1 trillion in the next 12 months, promote the construction of commercial complexes, support housing development, the new energy vehicle sector, and elderly care services, and expand its cruise industry, its annual work report showed.
The economic growth of cities will definitely increase in 2023, as last year set a low base, and China has eased its Covid-19 restrictions, Peng Peng, chief executive of Guangdong System Reform Research Society, told Yicai Global.
Suzhou expected to expand its GDP by 5 percent this year, the lowest target among the 11 cities, the local government said in a work report released on Jan. 7. To maintain rapid growth, the city in Jiangsu province will accelerate its upgrading and transformation and hike investment in research and development and high-tech companies, it noted.
Wuhan said in its 2023 work report that GDP will likely increase by 6.5 percent. The capital of Hubei province will make efforts to expand demand and steady economic growth, it noted.
Hefei, capital of Anhui province, set its GDP growth target at 6.5 percent. The city said it would strive to improve effective investments and spend a total of CNY450 billion (USD65.8 billion) on 2,000 key projects worth CNY100 million (USD14.6 million) each this year.
Changsha and Zhengzhou said they aim for GDP to climb by 7 percent, while Fuzhou targets a 6.5 percent increase.
Editor: Martin Kadiev
