Charts of the Day: China’s Local Governments Prioritize Stability With Modest GDP Targets

Most local governments in China have set moderate GDP growth targets for 2022, underlining their need to steer a slowing economy on a trajectory of stable growth amid the headwinds of supply chain disruptions and sluggish domestic consumption.

The 31 provincial-level regions on the Chinese mainland have all reported on their economic work in 2021 and announced new GDP growth targets at their respective annual legislative sessions. While the majority of them had met their growth targets for 2021, most didn’t go for higher goals this year.