China's Tier Two Cities Target Faster Growth In 2023

Several tier two cities in China are targeting GDP growth rates of between 5.5% to 7% in 2023, as local authorities remain optimistic about the economic recovery, according to the 21st Century Herald. Citing experts, the paper said the optimisation of epidemic controls, together with more growth oriented policies and lower base effects from 2022 will have a significant positive impact on economic recovery. Jinan, Changsha, Qingdao and Hefei are targeting growth in fixed asset investment of between 6% and 10%, and growth in total retail sales of between 5% and 9%. With the slowing of the global economy weighing on exports, the economic recovery will be driven by investment and consumption in 2023, the paper said.