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Major areas show slower growth

A majority of China’s provinces and regions experienced a slower year-on-year economic growth rate in the first three quarters, with major boom areas leading the decline, official figures showed.
Of the 29 provinces and regions that have released their growth data for the first nine months, 23 have reported a slowdown in growth speed, a sign that the local governments are working to restructure the growth pattern in response to the central government’s call.
Traditional powerhouses of Beijing, Zhejiang Province and Guangdong Province registered the slowest growth pace during the period compared with other regions, with a growth rate of 8 percent, 9.5 percent and 10.1 percent, respectively, said a Sunday report of Beijing News.
Regions in central and western China are among the fastest runners, taking up 60 percent of the areas that reported a double-digit growth rate.
China’s GDP expanded 9.4 percent year-on-year in the first nine months.Of the 29 regions, 28 outperformed the national average with Beijing as the only exception.
The government has set a broad target for economic growth of 8 percent this year, but most local governments had set their targets high above the figure, with Beijing and Shanghai as the only areas targeting 8 percent. – Xinhua

Posted by on November 7, 2011. Filed under Economic News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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