The majority of Chinese provinces cut their gross domestic product (GDP) growth targets for 2022 as the country battles with a slumping property market and ongoing pandemic problems, reports Caixin. All of China’s 31 provincial-level governments except virus-stricken Tianjin issued 2022 growth targets, most of them under the 2021 expansion. Gansu in southwestern China was the only one that set a higher target. Inner Mongolia in the north expected the same growth as 2021.
Developed regions including Beijing, Shanghai, Guangdong and Jiangsu largely set the target between 5% and 5.5%, while most of the less-developed places projected growth between 6% and 7%. The southern island province of Hainan set the highest goal at 9%, followed by Tibet’s 8%.
China, the world’s second-largest economy is grappling with sporadic Covid-19 outbreaks that cause business disruptions and with the abroad downturn of the property market. Economists hold varied opinions on China’s 2022 growth but largely agree it will be lower than the 2021 figure.