Guangdong, Jiangsu and Shandong provinces have all lowered their targets for economic growth over the 12th Five-Year Plan (2011-2015) period, the China Business News (CBN) reported Monday.
South China's Guangdong province has lowered its expectation of annual GDP growth rate to 8 percent, according to its issued 12th Five-Year Plan. The target is lower than that for most provinces.
The temporary slowdown is aimed at better and faster growth in the future, the CBN reported, citing Wang Yang, Party secretary of Guangdong province. Wang added that the province will come back as No 1 as long as it can manage to change its growth model, although its speed of GDP growth and total GDP amount may be exceeded by other provinces for some time.
The amount of Guangdong's GDP in 2010 hit 4.55 trillion yuan ($689.2 billion), exceeding the target of 3.35 trillion yuan, making it No 1 among all provinces in China. The province set a target of 9 percent growth rate for the 11th Five-Year Plan (2005-2010).
The top priority for Guangdong is to restructure the economy as the province is at the lower end of industry chains, Governor Wang Huahua told the CBN.
East China's Jiangsu province has lowered its target of annual economy growth to around 10 percent during the 12th Year-Plan period, the CBN reported, citing Li Xueyong, the acting governor.
The target of around 10 percent is lower than a target of above 10 percent set for each year during the 11th Five-Year Plan and is also lower than the actual growth rates during the past decade, Luo Zhijun, the Party secretary, told Xinhua Daily earlier. Setting a lower target for growth is to leave room for economic restructuring, Luo added.
Last year, Jiangsu ranked second in GDP at 4.09 trillion yuan, higher than the target of 2.90 trillion yuan.
East China's Shandong province has lowered its target of annual GDP growth to around 9 percent, according to the province's drafted 12th Five-Year Plan.
Shandong set a target of 10 percent annual GDP growth for the 11th Five-Year Plan period. The province's GDP ranked third nationwide at 3.94 trillion yuan in 2010, higher than the target of 3 trillion yuan.
Shandong's Governor Jiang Daming said setting a lower target for growth is also to make room for restructuring the economy and changing the province's growth model, according to the CBN.