Half of regions cut investment growth goal
Print Edition
Half of China’s 28 provinces and municipalities which have released their economic goals for this year cut the growth target for investment from a year earlier while just three raised the goal.
Six provinces maintained the target and the remaining five, including Shanghai, did not mention it in their government work report, according to the Economic Observer under Xinhua news agency.
Jiang Chao, a Haitong Securities Co analyst, said China’s economic restructuring, its aim to rely less on investment and a slower economy amid reforms were reasons for the cuts.
Shanghai’s fixed-asset investment grew 7.5 percent last year from a year ago. The city’s fixed-asset investment was helped by an 18.4 percent surge in capital going into property development.
Guangdong and Yunnan provinces as well as Tianjin were the three areas which raised the target, while the others including Jilin, Guizhou and Gansu provinces cut the target by as much as 5 percentage points.
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