Chinese Local Governments Lower Their Growth Ambitions for 2024

More than half of the Chinese mainland’s 31 provincial-level governments have set lower GDP growth targets for 2024 than for last year, although many are aiming for higher rates of expansion than they achieved in 2023, Caixin’s analysis of local legislative meetings shows.

The goals, which range from around 4.5% in Tianjin municipality to as high as around 8% in Hainan province and the Tibet autonomous region, were unveiled by local governments during their annual legislative meetings that started in January, where they also reported their economic performance for 2023.