Chinese Provinces Dial Down 2019 GDP Targets
A slew of province-level governments around China have reduced their GDP growth targets for 2019.
The government of Chongqing municipality has unveiled a GDP target of around 6% for 2019, for a reduction of 2.5 percentage points compared to the goal of 8.5% for 2018.
Guizhou has reduced its GDP target from 10% in 2018 to 9% in 2019, while Xinjiang has reduced its target from around 7% to 5.5%.
Beijing, Shanghai and Guangdong have set their GDP growth targets at 6 – 6.5% for 2019, while for Henan the target is 7 – 7%, and for Anhui and Hubei the setting is 7.5 – 8%.
Fujian and Jiangxi have set some of the highest targets, at 8 – 8.5%.
A number of provinces are bucking the trend by raising their GDP targets for 2019, including Hainan, which has raised it from 7% last year to 7 – 7.5%, and Hubei, which has lifted it to 7.5 – 8% from 7.5%.
In 2018 the western Chinese provinces of Tibet, Guizhou and Yunnan posted the most rapid growth in their economies.
Tibet was the only Chinese province to post double digit growth with an increase of around 10% in 2018, while Guizhou’s economy grew by 9.1% and Yunnan saw a GDP increase of 8.9%, as compared to nationwide GDP growth of 6.6%.
Guangdong and Jiangsu remain far and away the largest province-level economies in China, posting GDP growth of 6.8% and 6.7% respectively in 2018 to reach 9.73 trillion yuan and 9.26 trillion yuan.