China's first-tier economic heavyweight cities - 26 cities each with a GDP of more than 1 trillion yuan ($139.1 billion) in 2023 - have set their annual GDP targets a notch higher this year as localities conclude their local two sessions.
Analysts said the proactive moves by these cities, which often play a vital driving role in their respective provinces, will encourage other cities within their provinces to strive harder in the pursuit of economic development this year.
These comments follow proactive goal-setting by provinces, with most localities setting GDP targets at about and above 5 percent for 2024.
China should be able to achieve a growth rate of about 5 percent for the year, with the country being one of the fastest-growing major economies in the world, despite hype by Western media outlets that the Chinese economy is in trouble, they noted.
An analysis of the 26 cities, which accounted for 40 percent of China's GDP in 2023, has revealed that they are proactively leaning toward driving up growth in 2024, news outlet yicai.com reported.
A total of 10 cities including Southwest China's Chongqing Municipality and Wuhan, capital of Central China's Hubei Province, have set targets at 6 percent or higher, with Zhengzhou, capital of Central China's Henan Province, announcing a 7-percent-growth target - the fastest growth targets among the 26 cities, according to the analysis of the yicai.com report.
Thirteen cities put their annual targets at rates faster than what they actually achieved in 2023, and all but one set a growth target of above 5 percent.
