Provinces eye initiatives to spur GDP this year

Guangdong province will step up efforts to meet the annual target of gross domestic product (GDP) growth above 5%, including speeding up the implementation of projects mapped out by the 14th Five-Year Plan (2021-2025) and boosting private sector investment. — China Daily

SHANGHAI: Several provincial-level governments have announced incentive measures, including fostering high-quality development and optimising the business environment, to encourage growth this year and spur recovery from the impact of Covid-19.

Experts said the actions show many governments are taking a more pro-growth stance, which will give a strong boost to the economy in 2023.

They said the impact of the virus will be short-lived, and the economy will rebound with the orderly implementation of the optimised Covid-19 containment measures as well as stimulus policies and follow-up measures taking effect.

Guangdong province will step up efforts to meet the annual target of gross domestic product (GDP) growth above 5%, including speeding up the implementation of projects mapped out by the 14th Five-Year Plan (2021-2025) and boosting private sector investment.

Ai Xuefeng, director of the provincial development and reform commission, made the statement at a conference on high-quality development last Saturday, the first working day after the Spring Festival holiday.

An action plan consisting of 10 points was released by the Shanghai municipal government on Sunday.

According to the plan, three tasks – boosting confidence, expanding demand and seeking stable growth – are imperative, with the city aiming to achieve above 5.5% GDP growth in 2023.

The plan focuses on stabilising expectations, shoring up confidence, aiding enterprises in phases and pushing forward high-quality development.

Bailing out enterprises, restoring consumption, extending investment, stabilising foreign trade, elevating industrial innovation and creating a world-class business environment are among 10 measures included in the action plan.

Officials from Zhejiang and Jilin provinces also held meetings last Saturday and pledged to make efforts to boost the digital economy and optimise the business environment.

Li Chao, chief economist at Zheshang Securities, said most provincial-level regions are targeting GDP growth of above 5% in 2023, voicing optimism for a notable economic rebound this year.

Li said that local governments are giving priority to expanding investment and spurring consumption.

Many provincial-level regions, such as Shandong and Henan, have announced measures to speed up the construction of key projects in 2023. — China Daily/ANN