Provinces expect slower growth

Most Chinese provinces expect lower economic growth in 2022 than in the previous year. This was reported on Tuesday by the business newspaper Caixin. According to the report, China’s developed regions such as Beijing, Shanghai, Guangdong, and Jiangsu mostly set their growth target at 5 to 5.5 percent. Less developed provinces predicted growth between 6 and 7 percent. The Covid pandemic and commodity shortages are expected to continue to weigh on economies across the country this year. Only Gansu in China’s northwest expects a higher growth compared to 2021; Inner Mongolia expects a steady growth rate. The southern island province of Hainan has set the highest target at 9 percent, followed by Tibet at 8 percent.