China's Shandong sets GDP growth target of over 5 pct for 2024

JINAN -- China's Shandong Province, one of the country's major economic powerhouses, set a gross domestic product (GDP) growth target of over 5 percent for 2024, according to the second session of the 14th Shandong Provincial People's Congress.

Shandong's 2023 GDP reached 9.2 trillion yuan (about 1.28 trillion US dollars), up about 6 percent year on year, according to a provincial government work report delivered at the session on Monday.

The province has also set goals for other major economic indicators for 2024, which include about 5.5 percent growth in the per capita disposable income of residents, the creation of over 1.1 million new urban jobs, and a consumer price index growth of about 3 percent.

In 2024, Shandong also aims to vigorously promote new industrialization. About 10 provincial-level emerging industrial clusters will be cultivated around new information technology, high-end equipment, new energy and new materials, modern medicine, new energy vehicles and other sectors.