China's Henan Province Targets GDP Growth of 7% to 7.5% This Year
Zhang Yushuo
/SOURCE : yicai
China's Henan Province Targets GDP Growth of 7% to 7.5% This Year

(Yicai Global) Jan. 16 -- Henan province  in Central China aims to reach economic growth of 7 percent to 7.5  percent this year, while fine-tuning its economic productivity.

Henan aims to increase the productivity  of its labor 7 percent, raise public budget revenue by 7 percent, and  curb consumer price index growth at 3 percent to optimize its economic  structure, Governor Chen Run'er said in a regional government work  report today.

The proportion of permanent urban  residents in Henan's population is expected to rise at least 1.5  percentage point. Imports and exports should maintain steady growth and  the province should climb 2 ranks higher in terms of its business  environment. 

The per capita disposable income of  residents will increase by 8 percent while the number of people under  the poverty line in rural areas will reduce by 650,000 people. The urban  surveyed unemployment rate will maintain within 5.5 percent and that of  registered jobless people at 4 percent, Chen added.

Last year, Henan's gross domestic product  was expected to exceed CNY4.8 trillion (USD710 billion), an increase of  7.5 percent from the previous year. Almost 8,900 projects were  implemented with an investment of CNY615 billion (USD91 billion). The  fixed asset investment of the province grew by about 8 percent and the  total retail sales of consumer goods rose about 10 percent. Its exports  gained almost 14 percent.

The province reduced its firms' tax  burden by CNY48 billion and lowered costs of utilities and other fees  for them by CNY22.3 billion last year. Some 343,000 new companies were  established in 2018 as the tally rose to 59.1 million in total, an  increase of 15 percent from the previous year. The added value for  large-scale industrial enterprises rose 7 percent while the number of  firms that logged more than CNY10 million in terms of their main  business was 38 companies.

Editor: Emmi Laine 

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Keywords: Henan , GDP , growth rate