Several Chinese Regions to Lower their GDP Target Growth Numbers
While the downward pressure on the economy is felt, 26 out of the 31 provincial regions on the Chinese mainland decided to lower their expected gross domestic product growth rates for this year. From the 28 provinces who revealed the gross domestic product targets, only Tibet kept their new target which is equal to last year of 12 percent, while Shanghai municipality scrapped their target numbers.
Beijing lowered their growth target to 7 percent from 7.5 percent, the biggest cut was by 3 points which came from the Liaoning, Shanxi and Gansu provinces. The big downward pressure was several of the reasons for these cities to cut down their growth target numbers for this year as the country recorded a 7.4 gross domestic product growth in 2014 the slowest in 24 years. while most provinces missed their target in 2014, Shanxi growth in 2014 was 4.9 percent a far number to their 9 percent target and Liaoning was only at 5.8 although it increase it stil missed its 9 percent growth target for 2014.
Cities also lowered their gross domestic product target growths and considered it a new normal as the country economy shifts from high speed to slow speed development. The new normal is considered a slower growth rate but with higher quality and the country will strive to keep the economic growth and policies steady for 2015.