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Xinhua Silk Road
Economy

Chinese provinces set GDP growth targets for 2021 at over 6 pct

January 26, 2021


Abstract : Many provinces and provincial-level regions in China set the growth target of gross domestic product (GDP) for 2021 at more than six percent, reported 21st Century Business Herald on Tuesday quoting data recently released by local authorities.

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Aerial photo taken on Sept. 12, 2020 shows a view of Nanshan District of Shenzhen, south China's Guangdong Province. (Xinhua/Mao Siqian)

BEIJING, Jan. 26 (Xinhua) -- Many provinces and provincial-level regions in China set the growth target of gross domestic product (GDP) for 2021 at more than six percent, reported 21st Century Business Herald on Tuesday quoting data recently released by local authorities.

For example, China's economic powerhouses Guangdong province, Shanghai and Beijing targeted an economic growth of six plus percent this year. Central China's Hunan and Henan provinces and north China's Shanxi province set the 2021 economic growth targets at seven percent to eight percent. Central China's Hubei province, which was hit hard by the COVID-19 pandemic last year, and south China's Hainan that is building itself into a free trade port, will strive to notch up more than 10 percent GDP growth this year.

The "more than six percent" GDP growth targets set by local governments in China is more conservative than the forecast of about eight percent GDP increase made by international organizations and the projection of eight to nine percent increase made by market institutions, according to the report.

Local governments' GDP targets for this year is more pragmatic, as China's economy is still facing external uncertainties such as the pandemic in 2021, and it remains to be seen whether domestic consumption can return to normal track, some experts said in an interview with the 21st Century Business Herald.

To stabilize growth in 2021, the starting year of the 14th Five Year Plan (2021-2025), Chinese local governments have unveiled measures to spur domestic demands and propel innovation.

For instance, Beijing proposed to promote the construction of an international consumption hub this year, aiming to take the lead in forming a consumption-driven economic development pattern.

Guangdong province vowed to speed up building an international science and technology innovation center in the Guangdong-Hong Kong-Macao Greater Bay Area in order to boost innovation.

China's GDP expanded 2.3 percent year on year to 101.6 trillion yuan in 2020, with most of its provinces and provincial-level regions achieving positive growth. For example, Guangdong recorded 2.3 percent GDP growth last year to exceed 11 trillion yuan, maintaining its leading position among China's provincial-level regions in terms of GDP volume, and Hainan registered 3.5 percent GDP growth to over 553.2 billion yuan in 2020. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)

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Keyword: GDP target for 2021

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