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A fading fairyland dream: How China Evergrande rose and fell
Similar meetings were held in Shandong, Anhui, and Liaoning provinces.
They are following the central government’s orders for the country’s economic powerhouses to do more to boost economic growth.
China’s economy has enjoyed a bumpy recovery since its zero-corona policy was abandoned in December 2022, with the private sector and salaried workers hit particularly hard over the past year.
Many provinces are already targeting further growth this year, including Guangdong, which is targeting 5% real growth, following last year’s 4.8% real growth rate.
Speaking at a conference on Sunday, Huang said the ministry would focus on industrial science and technological innovation, strengthen cooperation with Hong Kong and attract more talent.
“We need to help companies adopt new technologies, new equipment, new materials and new processes to improve product quality and production efficiency,” he said.
He said the state will launch a number of new large-scale scientific research projects this year, as well as help 9,000 industrial enterprises undergo technological reforms. It will also facilitate the “digital transformation” of 9,200 industrial enterprises.
In addition, Guangdong provincial authorities have earmarked 1 trillion yuan (US$138 billion) for more than 1,500 investment projects in information technology, high-end manufacturing and new materials in 2024, Ai Xuefeng, director of the Guangdong Provincial Development and Reform Commission, told the meeting. Told. .
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China’s GDP: Beijing’s long to-do list for economic growth in 2024
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This commitment reflects the nation’s push for “quality development,” which promotes national development through quality economic growth rather than rapid expansion.
To do this, we are turning to technology, advanced manufacturing, and green industries rather than old drivers such as real estate and financial speculation.
In eastern Shandong province, the third-largest economy, executives addressed the theme of “high-level opening-up, promoting high-quality investment.”
In southeastern Anhui province and northeastern Liaoning province, officials focused on how they can improve the business environment and promote high-quality development of the private economy.
Shanghai, China’s economic capital, also announced on Sunday an action plan to create a “first-class business environment.”
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Peng Peng, executive chairman of the Guangdong Provincial Reform Association, said the provincial gathering showed the urgency of stabilizing the economy after the pandemic.
Peng said Guangdong’s poor performance in recent years is “a microcosm of the difficulties facing the national economy.”
“For the past few years, Guangdong’s economic growth rate has been lower than the national average,” he said.
“Real estate is a serious impediment to economic growth. Technology decoupling [from the US] It is putting tremendous pressure on China’s technology and innovation strategy. ”
Changes in export supply chains and reduced investment also weakened market confidence.
“Guangdong must make great strides. ‘Quality development’ is the banner under which all solutions apply,” he said.
The Chinese government is widely estimated to have set a growth target of “about 5%” this year, a goal that will be difficult to achieve given the declining base effect.
The official target will only be made public when the Government Activity Report is tabled in the annual parliament early next month.