Twenty nine of China's 31 provinces have announced annual economic growth targets of at least 5% for 2023, according to state media reports, underscoring the push by local governments for a quick rebound after Beijing removed most Covid-related restrictions last month.

The two outliers are Beijing and its neighboring port city Tianjin, which target growth of above 4.5% and around 4%, respectively, according to a report by the state-run Shanghai Securities Times on Monday. The southern tropical island of Hainan set the highest growth target of 9.5%, while the southwestern Tibet region aims for 8%, the report said.

Twelve regions including the populous provinces of southwestern Sichuan and central Henan look to expand their economy around 6%, with other four provinces including central Hunan and Hubei provinces expecting 6.5%, according to the report. The central Jiangxi province and western Xinjiang regions hope for an economic rebound at around 7%, the report said.

Some of country's economic powerhouses, including the coastal areas of Zhejiang, Shandong, Guangdong and Jiangsu, set a more moderate growth target of around or above 5%, according to the Shanghai Securities Times. Shanghai, along with provinces of southern Guangxi and northwestern Shaanxi, are looking for a 5.5% expansion.

Taken together, economic targets of the 31 subnational regions suggest a weighted 2023 GDP growth goal of 5.63%, lower than last year's 6.09%, analysts from Hua Chuang Securities said in a report on Monday. They added that 21 regions have revised down their targeted growth by 0.5%-1% compared with 2022.

He Lifeng, a senior Chinese official responsible for the country's economic planning, is drafting a plan for 2023 growth of more than 5%, the Wall Street Journal reported earlier.

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Corrections & Amplifications


This article was corrected January 16, 2023 to reflect economic targets of the 31 subnational regions suggest a weighted GDP growth goal of 5.63% in 2023, lower than last year's 6.09%. The original article incorrectly said last year's growth was 5.17%. 


 -0- Dow Jones Newswires

01-15-23 2252ET