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China's local governments set out growth targets for 2024


Local governments across China have been setting out their development priorities and GDP targets for the full year of 2024, with the focus on measures related to forging new productive forces and boosting consumption.

As the country's capital, Beijing eyes on an around 5 percent GDP growth for 2024. The city's economy continued to recover in 2023, and its role in the coordinated development of the Beijing-Tianjin-Hebei regional city cluster is becoming more evident.

According to its latest government work report, Beijing is underlining driving forces for growth within sci-tech innovation, the digital economy, further opening-up, the supply-side structural reforms and expansion of domestic demand.

Shanghai, as one of the world's financial centers, has also released an around 5 percent GDP growth target for the year. The city is accelerating the building of its central position in economy, finance, trade, shipping and sci-tech innovation in the international landscape. 

Perceived as some of China's strong economic engines, the provincial governments of Guangdong, Jiangsu and Zhejiang have also made public their GDP growth targets for 2024, namely 5 percent, over 5 percent and around 5.5 percent, respectively. 

These latest projections have all demonstrated local governments' positive outlooks for growth prospects of the regional economies.

(Cover via CFP)

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