Tibet Hopes to Be China's Fastest-Growing Regional Economy Again This Year
Zhang Yushuo
DATE:  Feb 16 2019
/ SOURCE:  yicai
Tibet Hopes to Be China's Fastest-Growing Regional Economy Again This Year Tibet Hopes to Be China's Fastest-Growing Regional Economy Again This Year

(Yicai Global) Feb. 15 -- Southwest China's Tibet Autonomous Region aims to grow its gross domestic product by about 10 percent this year, the highest target among the 31 regions that have published their targets so far.

Its goal is the same as last year's and makes Tibet the only region with a double-digit target, state-backed China News Service reported after reviewing local government documents. Tibet forecasts that its economy grew 10 percent last year to CNY140 billion (USD20.7 billion), expanding quicker than any other Chinese mainland region.

Guizhou again has the second-highest aspirations, hoping for 9 percent growth this year after a double-digit target in 2018. The province's economy gained about 9.1 percent last year to CNY1.5 trillion (USD220 billion).

Many other provinces lowered their expectations for 2019, expressing concern for the slowing national economy and the complex international environment.

Guangdong, Jiangsu and Shandong -- China's biggest provincial economies last year, with GDP of at least CNY7.6 trillion each -- have all lowered their growth forecasts, with Guangdong targeting between 6 and 6.5 percent and Jiangsu and Shandong aiming for 6.5 percent. All three set a 7 percent goal in 2018.

The southern island province of Hainan bucked the trend, gunning for between 7 and 7.5 percent growth this year after expanding 7 percent last year. Real estate policies should have a lesser impact this year, according to Bao Hongwen, head of the provincial statistics bureau, who expects social and economic indicators will be higher in 2019.

Hubei also hiked its goal to between 7.5 percent and 8 percent from last year's 7.5 percent. Its GDP expanded at a faster-than-expected 7.8 percent in 2018, ending seven straight years of decelerating growth.

Some 14 provinces or municipalities, including Beijing and Shanghai, set target ranges. The capital and largest city hope for between 6 and 6.5 percent growth this year, while Fujian and Jiangxi provinces ebbed down their expectations to between 8 and 8.5 percent from 8.5 percent.

Editor: James Boynton

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Keywords:   GDP