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Provinces Target 5.9% Growth On Average In 2023

CHINA PRESS

China’s 31 provinces have announced an average GDP growth target of 5.9% in 2023, 0.4 pp lower than the average target of 6.3% in 2022, according to Yicai.com. The news outlet said expanding domestic demand and industrial transformation were seen as priorities, when it analysed the outcome of recent local two-session meetings. The average growth of local fixed asset investment in 2023 is 8.4%, with retail sales of consumer goods averaging 7.9%. The paper noted local targets are usually higher than the national rate, with the overall target typically closer to the Shanghai mark, which this year is set at 5.5%.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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