Provinces lower GDP growth targets for 2015

Since many provinces failed to meet their GDP growth targets in 2014, it is no surprise that they have lowered their targets for 2015.

Statistics show that with the exception of Tibet, which set a GDP growth target the same as last year, all other provinces lowered their economic growth target for this year. Only Guizhou, Tibet, Shannxi, Chongqing and Fujian set two-digit growth targets for 2015. The others all set single-digit targets, most of which are between 7.5 percent and 9 percent.

During the provincial "two sessions" (the People's Congress and the Chinese People's Political Consultative Conference), governors stated frankly that they are facing greater economic downward pressure this year, and expressed the hope that their GDP growth will be more rational and that the quality and efficiency will be better. Shanghai did not even set a GDP growth target, and canceled several other "planning targets" in economic development. However, it did set detailed goals for scientific and technical innovation, institutional innovation in the Free Trade Zone, public service levels, and standards of living.

Expressions such as "driven by innovation" and "improving quality of life" have appeared on almost every province's report on the work of the government. GDP growth rate is no longer the be-all and end-all.

Xu Hongcai, director of the Information Department of the China Center for International Economic Exchanges, said: "Lowering the economic growth rate is both rational and practical. On the one hand, we need to change the "high investment, low output" mode of economic development; on the other hand, we need to pay more attention to the quality and efficiency of economic growth and focus on economic restructuring and technological progress."

The article is edited and translated from《各地“刹车”GDP走出短跑思维》, source: People's Daily Overseas Edition, author:Huan Jia.