About two-thirds of China's provinces, regions and municipalities have cut ...
BEIJING, Jan 22 - About two-thirds of China’s provinces, regions and municipalities have cut their 2020 growth targets from last year, despite easing trade tensions with the United States.
Of China’s provincial-level regions, 22 including Beijing, Guangdong, Zhejiang, Henan, Hainan, and Fujian, set lower growth targets this year compared to last, a similar number to last year. At least 11 provincial-level regions missed their 2019 GDP targets, according to preliminary statistics released by local governments.
Key national targets are due to be announced in March. Growth cooled to 6.1% in 2019, the weakest in nearly 30 years, and analysts polled by Reuters expect it will cool to 5.9% this year even with additional stimulus measures. Just one region, Tianjin, raised its growth target. Sichuan and Yunnan have yet to release their targets.
“Heavy industry turned out to be quite resilient last year thanks to a pick-up in property construction and so the northern provinces may not have seen growth slow as much, hence the unchanged targets,” Evans-Pritchard said.
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