(Yicai) Jan. 16 -- A number of Chinese provincial-level regions have outlined key strategies to stabilize local economic growth at the recent annual meetings of their legislative and political advisory bodies.

Sketched out at these regional Two Sessions, key gatherings where priorities are set for the year ahead and important targets, such as for economic growth, are announced, the strategies focus on the need to boost consumption, lift investment, push technological innovation, and improve the business environment, with specific plans and goals tailored to local contexts.

Expanding demand has emerged as the top priority for local governments. At their Two Sessions, more than 10 provincial-level regions set clear growth targets for gross domestic product this year. Guangdong province, Beijing, Shanghai, and other places aim for expansions of about 5 percent, while Inner Mongolia Autonomous Region and Hainan province target around 6 percent or more.

Shanghai announced that it will host major events to spur consumption, such as the 55 Shopping Festival, hasten the development of new business models, and promote the integration of commerce, tourism, culture, and sports.

Neighboring Zhejiang province proposed measures to stimulate and expand consumption, including cultivating emerging growth drivers such as the ‘first-store economy’ and ‘silver economy,’ and boost the size and effectiveness of business districts along with the ‘night economy.’

Investment was another major focus of regional Two Sessions across China. For example, Guangdong said the southern province plans to invest a total of CNY1 trillion (USD136.4 billion) in about 1,500 key construction projects this year, while Hainan set its fixed asset investment growth target at 8 percent.

Various local government also named tech innovation was also named among the key driving forces of economic development. Shanghai set its ambition for research and development spending as a share of GDP at around 4.5 percent, focusing on cutting-edge areas such as cell and gene therapy and brain-machine interfaces.

Beijing emphasized the need to strengthen original and leading technological breakthroughs as well as promote nine key areas, including integrated circuits and biopharmaceuticals.

Guangdong plans to speed up the creation of an all-round innovation chain, integrating education reform, scientific research, and talent cultivation. It also intends to strengthen basic research and address key core technologies.

To create a better environment for businesses, provinces like Zhejiang, Hebei, and Heilongjiang explicitly proposed special actions to standardize corporate law enforcement to ensure the protection of the legitimate rights and interests of private enterprises and entrepreneurs.

Editor: Futura Costaglione