SOURCE / ECONOMY
Chinese cities set higher GDP growth targets, promote advanced manufacturing as key task in 2023
Published: Jan 06, 2023 11:26 PM
This aerial photo taken on Dec. 15, 2022 shows workers laying tracks at the construction site of the Jinan-Zhengzhou high-speed railway in Liaocheng City, east China's Shandong Province. The track-laying ceremony of the Shandong section of Jinan-Zhengzhou high-speed railway was held in Liaocheng City on Thursday.(Photo: Xinhua)

This aerial photo taken on Dec. 15, 2022 shows workers laying tracks at the construction site of the Jinan-Zhengzhou high-speed railway in Liaocheng City, east China's Shandong Province. The track-laying ceremony of the Shandong section of Jinan-Zhengzhou high-speed railway was held in Liaocheng City. (Photo: Xinhua)


Several cities in China with more than 1 trillion yuan ($145 billion) in GDP in 2022 have mapped their development plans for 2023, with some setting higher GDP growth targets, giving strong support to the country's economic growth. 

Meanwhile, more cities have taken stimulating domestic demand and developing high-end manufacturing as key tasks in their work report, in a bid to promote the development of high-end and intelligent manufacturing.  

Cities such as Jinan, Qingdao, Changsha, Hefei, Zhengzhou and Fuzhou all released 2023 GDP growth targets of between 5.5 and 7 percent.

Zhengzhou, Central China's Henan Province, set a GDP growth target of 7 percent in 2023, compared with around 2 percent in 2022. Changsha, Central China's Hunan Province, also sets a target of 7 percent growth for 2023, compared to 4.8 percent in 2022.

The yearly targets came after the annual Central Economic Work Conference held in December of last year, as the meeting demanded that economic stability be made a top priority and steady progress while ensuring economic stability be pursued for the next year.

Efforts will also be made to speed up the planning and construction of a new-energy system, enhance the global competitiveness of traditional industries, accelerate the research and application of cutting-edge technologies, and vigorously develop the digital economy, according to the meeting.

A work report by the Hefei government in East China's Anhui Province said it will accelerate the expansion of the major industrial clusters of integrated circuit and artificial intelligence, and also increase the development of new-energy vehicles and biomedicine.

Phase one of the Anqing factory of Welling Auto Parts, which is owned by Midea Industry Technology and manufactures auto parts for NEVs, was officially put into production in Anqing, Anhui Province on Friday. 

After escalating production capacity in late February, the factory will continue to pursue the goal of producing 1 million electric compressors, 1.2 million EPS motors and 200,000 drive motors a year, according to the note sent from the company. 

Meanwhile, several cities also said they will continue to expand domestic demand, stimulate demand and make greater investments in projects. 

Zhengzhou said it has set a target of 500 billion yuan in infrastructure construction investment in 2023.

The National Development and Reform Commission, China's top economic planner, convened a meeting on November 25, with its senior officials again calling on local governments to speed up infrastructure construction on newly approved projects.

Global Times