Chinese Provinces Unveil New Plans to Boost Economic Growth
Across the Chinese mainland, provincial legislatures and political advisory bodies have recently held their local “two sessions” of the National People’s Congress and the Chinese People’s Political Consultative Conference. These important meetings set out exciting plans for the year ahead, focusing on blending technological and industrial innovation, increasing demand, and nurturing new productive forces that suit each region’s unique needs.
In a remarkable achievement, Guangdong province became the first in China to surpass a total economic output of 14 trillion yuan ($1.9 trillion) in 2024. Jiangsu province also made strides, with high-tech industries contributing over 50% to large-scale industrial production for the first time. Meanwhile, Shandong’s digital economy now makes up more than 49% of its GDP, showcasing China’s rapid shift towards a tech-driven economy.
As 2025 approaches—the final year of China’s 14th Five-Year Plan—major provinces are aiming for significant economic growth. Guangdong has set a goal of around 5% growth, Henan is targeting approximately 5.5%, while Shandong and Jiangsu are both aiming for 5% or higher. Sichuan province is even more ambitious, aiming for over 5.5% growth.
The Guangxi Zhuang Autonomous Region is launching actions to develop key manufacturing industry chains with high quality. They’re speeding up the growth of industrial parks and promoting new digital productivity. By using cutting-edge digital technologies, Guangxi plans to transform and modernize traditional industries.
Guangdong isn’t slowing down either. The province plans to support over 10,000 industrial firms in upgrading their technology and embracing digital transformation. They’re also helping 5,500 enterprises to expand and aiming to nurture more top-tier companies. Over in Beijing, officials have proposed a growth mechanism to boost investment, focusing on 20 future industries. These include exciting sectors like humanoid robotics, commercial aerospace, biomanufacturing, new materials, and future energy sources.
These comprehensive measures show China’s dedication to promoting sustainable economic growth and technological advancement, setting the stage for a prosperous future.
Reference(s):
cgtn.com
