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China’s local governments set 2023 growth targets, offering clues on economic recovery

Hong Kong

A number of key provinces and cities in China have announced their growth targets for this year, most of them above 5%, offering the first clues about the country’s economic path in 2023.

Local governments across China began to convene this week for annual legislative sessions laying out their respective policy goals for the year. The meetings will culminate in the national parliamentary session to be held in March, in which the premier is expected to disclose the nation’s GDP growth target.

Guangdong, the southern manufacturing and export giant, announced Thursday that it aims to grow its economy by 5% or more this year.

Wang Weizhong, the provincial governor, estimated that its economy only expanded about 2% in 2022, missing the target of 5.5% by a long shot.

“It was not easy to achieve…

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