China's 2023 Economic Targets By Province

China's provinces have released their 2023 GDP targets. According to local governments' 2023 work reports delivered to local people's congresses, most provinces aim for more than 5 per cent economic growth in 2023, focusing on boosting consumption.

More than half of China's provincial-level regions anticipate a GDP growth of 6 percent or higher, with targets ranging from 4 to 9.5 percent. Hainan, which is a free trade zone and tourism destination, has set the highest GDP growth target of 9.5 percent due to the expected new projects and tourism to the island. Hunan and Hubei have set their GDP growth targets for 2023 at 6.5 percent. Provinces with larger economies such as Guangdong, Jiangsu, and Zhejiang have set their GDP targets between 5 and 6 percent. Shanghai, which is a financial hub, is expecting a year-on-year GDP growth of over 5.5 percent. On the other hand, Beijing, the capital city, is aiming for a more growth rate of 4.5 percent.

These targets have been significantly increased from the previous year's estimates due to China's restart of international mobility after the pandemic.

With reference to the administrative division, Mainland China is divided into six macro-regions with different economic performances.

North China: Shanxi (6 per cent), Inner Mongolia (6 per cent), Hebei (6 per cent), Tianjin (4 per cent), and Beijing (4.5 per cent).

North-East China: Heilongjiang (6 per cent), Liaoning (5 per cent), and Jilin (6 per cent).

North-West China: Gansu (6 per cent), Shaanxi (5.5 per cent), Ningxia (6.5 per cent), Qinghai (5 per cent), and Xinjiang (7 per cent).

Central-South China: Jiangxi (7.0 per cent), Hunan, (6.5 per cent), Hubei (6.5 per cent), Henan (6 per cent), Guangxi (5.5 per cent), Guangdong (5 per cent), and Hainan (9.5 per cent).

South-West China: Guizhou (6 per cent), Yunnan,(6 per cent), Sichuan (6 per cent), Chongqing (6 per cent), and Tibet (8 per cent).

East China: Fujian (6 per cent), Shandong (5 per cent), Anhui (6.5 per cent), Zhejiang (5 per cent), Jiangsu (5 per cent), and Shanghai (5.5 per cent).