many local governments lowering GDP targets for 2023

context: Despite the optimism that the economy will bounce back from COVID, the lowering of GDP targets shows that officials are still hesitant over some of the long-term drags on the economy such as real estate, exports and demographics and whether they can return to previous levels.&&& As provinces hold their Two Sessions in January and February ahead of the national Two Sessions in March, they are rolling out their GDP targets and their priorities. Most provinces are setting their GDP target in the 5.5-6.5 per cent range. Setting targets around 5.5-6.5 percent reflects confidence that the economy will return to normal in 2023, argues Zhu Keli 朱克力 China Institute of New Economy director. Compared with the target growth rate for 2022, 23 provinces have lowered their targets, five provinces have raised their targets and three provinces have remained unchanged from last year. 
Specifically,
  • remaining level with last year
    • Inner Mongolia
    • Tibet
    • Jilin
  • raising the 2023 target
    • Chongqing
    • Heilongjiang
    • Qinghai
    • Hainan
    • Shanghai
In addition to setting GDP targets, the local Two Sessions are also mirroring the Central Economic Work Conference in laying out the priorities for 2023. Highlights from the local plans reflect that priorities include
  • boosting consumption
  • promoting investment
  • strengthening support for manufacturing
  • boosting the digital economy