20 February 2019

Provinces fail to meet lower 2014 growth targets

Thirty of China’s provinces and municipalities were unable to meet their growth targets in the first quarter of 2014, although their goals were lower than last year, amid efforts to control debt and fight pollution, Bloomberg News reported Tuesday, citing data released by government websites and local media.

The nation may slide into a deeper slowdown as the government cracks down on overcapacity in steel and other industries, addresses shadow banking risks and pursues economic restructuring, the report said.

The biggest shortfall was reported by northeastern Heilongjiang province, which grew 4.1 percent during the period compared with an 8.5 percent target for the year, according to the news agency.

Hebei, which accounts for 25 percent of the country’s steel output, saw a 4.2 percent growth, as against a target of 8 percent, while Shanxi, a region hit by falling coal prices and mine closures, reported a 5.5 percent expansion, compared with a full-year target of 9 percent, the report said.

Only the eastern province of Anhui was able to surpass its target, growing 9.6 percent compared with a 9.5 percent goal, it added.

– Contact HKEJ at [email protected]




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