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Investment growth targets cut by half of provinces that have announced plans
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HALF of China's provinces and municipalities that have released their economic goals for 2014 cut their investment growth target from a year earlier, a reflection of China's efforts at economic restructuring and accelerating reforms.
Only three provinces or provincial-level cities raised their investment growth target among the 28 that have announced their goals, compared with 14 that cut it. Six provinces maintained the target and the other five did not mention it in the government work report, according to Economic Observer, a newspaper of Xinhua news agency.
In 2013, Shanghai's fixed-asset investment grew 7.5 percent from a year earlier, compared with 3.7 percent in 2012. It was bolstered by an 18.4 percent surge in property development investment.
The Shanghai government did not mention its investment growth target in the government work report released last week.
Guangdong, Yunnan and Tianjin were the three places that raised their target, while places including Jilin, Guizhou and Gansu cut it by as much as 5 percentage points.
Jiang Chao, an analyst at Haitong Securities Co, said China's economic restructuring and its aim to reduce reliance on investment were among the main reasons for the cuts.
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