China's local 'two sessions' convey confidence in 2024 economy

Release time：2024-05-21 15:04:44 Source：Global Groove news portal

As provincial-level governments across China unveil their gross domestic product (GDP) targets for 2024 at local "two sessions" meetings, the confidence in the steady growth of the Chinese economy is evident.

Local "two sessions" are the annual meetings of provincial-level lawmakers and political advisors, during which plans for local economic and social development in the year ahead are discussed.

To date, more than two-thirds of the provincial-level regions have unveiled their growth targets for 2024. Most of them have set a target of more than 5 percent.

Hainan and Xizang set a growth target of about 8 percent for this year. South China's Guangdong Province, an economic powerhouse that accounts for about one-tenth of the country's GDP, targets regional GDP growth of 5 percent for 2024 after its size hit 13.57 trillion yuan ($1.91 trillion) last year.

The financial hub of Shanghai set its annual GDP growth target at about 5 percent for 2024. Sichuan Province in southwest China and several other provinces target a growth rate of about 6 percent.

These economic outlooks indicate the overall sentiment in the country and offer a glimpse into how the national "two sessions," the annual meetings of China's top legislature and top political advisory body scheduled for March, will play out.

Despite massive external pressure and some internal difficulties, China's economy recovered steadily in 2023 and achieved 5.2 percent year-on-year growth. The figure beat the national target and provided good news for China and the world.

Enhancing the positive trend of China's economic recovery has undoubtedly become a key point in local government work reports. To carry out major projects in infrastructure and industry, promote private investment and expand consumption are among the highlights of local government plans.

To meet this year's growth targets, provinces, autonomous regions and municipalities have also pledged to deepen reform further, optimize their business environments, energize market entities, and boost internal forces that are driving development.

Shanghai will in 2024 aim to further accelerate its bid to become a leading international center in terms of economy, finance, trade, shipping and technological innovation. The city will also implement a new round of business environment reforms featuring 150 measures.

The promotion of higher-standard opening-up and the stabilization of the overall performance of foreign trade and foreign investment have also been mentioned frequently during the local "two sessions."

As the country's gateway to the Association of Southeast Asian Nations (ASEAN), south China's Guangxi Zhuang Autonomous Region has pledged to expand its opening-up and its in-depth cooperation with ASEAN members while optimizing its foreign trade structure.

Overall, the figures that have been released demonstrate the strong resilience, massive potential and great vitality of the Chinese economy, heralding a steady and continuous pickup in China's economy in the year ahead. 

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