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AlwaysFree: China’s Local Government Hints Economic Growth Target For 2022

Author: SSESSMENTS

Local governments in China have set moderate to ambitious growth targets in their economic blueprints for 2022. The city of Beijing aims to expand its economy by “more than 5%,” while Henan province plans to grow by 7%, according to draft reports published on their websites on Thursday. That compares with growth rates of 6.1% and 7%, respectively, for the two regions in 2019 before the COVID-19 pandemic.

In 2021, Beijing estimated its economy grew 8.5%, exceeding its target of more than 6%. Meanwhile, Henan’s GDP expanded around 6.5% last year, undershooting its target of above 5%. Beijing’s municipality said it would prioritise stability in line with the central government’s push. Meanwhile, Henan said its economic growth projection took into account its potential and advantages as well as expected challenges and difficulties.

China usually publishes an annual GDP target in March when the National People’s Congress meets. Economists expect Chinese policymakers to set a floor for economic growth at 5% for this year as the government tries to balance the need for stability with a desire to curb debt in the property sector. That target should represent a notable drop from pre-pandemic growth rates of nearly 7%.

Tags: All Products,AlwaysFree,Asia Pacific,China,English,NEA

Published on January 7, 2022 10:14 AM (GMT+8)
Last Updated on January 7, 2022 10:14 AM (GMT+8)