Chinese provinces eye steady growth, new engines in 2024

Most Chinese provincial-level regions have set their 2024 gross domestic product (GDP) growth goals at above 5 percent, eyeing new industries and consumption as major growth boosters.

The 2024 GDP growth targets range from 4.5 to 8 percent for China's provincial-level regions, according to the government work reports delivered at the annual sessions of the local people's congresses.

Xizang Autonomous Region in southwest China and the southernmost island province of Hainan have anticipated their GDP to grow at approximately 8 percent, the highest goal among provincial regions.

The two also led the country with their GDP growing more than 9 percent in 2023, boosted by strong post-pandemic tourism revival.

Xinjiang Uygur Autonomous Region aims to grow its GDP by around 6.5 percent this year. The far western region was another high performer in 2023 with a 6.8-percent GDP growth.

Economic heavyweight provinces such as Guangdong, Jiangsu and Shandong expect to contribute to the economy by 5 percent to 5.5 percent in 2024. Their regional GDP climbed by 4.8 percent to 6 percent last year.

To realize their economic goals, most provinces have prioritized the tasks of expanding new industries, spurring consumption and improving the business environment in the government plans.

The manufacturing heartland of Guangdong, for instance, aims to boost "new productive forces" in industries including integrated circuits, new energy storage and commercial spaceflight. It also plans to foster future industries such as 6G technology and humanoid robots.

Similar focus on emerging and future industries is also on the agendas of other provinces, from old industrial bases in northeast China to scenic attractions in south China.

Hainan, while celebrating robust growth amid a tourism revival last year, has set its vision on "new tracks" such as seed industry and aerospace.

The changing vocabulary of the local government plans has indicated a complete switch toward high-quality growth among Chinese provincial regions, said Pan Helin, a researcher at Zhejiang University.

"Most local government work reports have highlighted industrial upgrade and are promoting new industrialization," Pan said. "High-end manufacturing and strategic emerging industries will rise as the country's new economic pillars."