STORY: What goals China's provincial-level governments set for 2024
SHOOTING TIME: File
DATELINE: Feb. 1, 2024
LENGTH: 00:01:54
LOCATION: Beijing
CATEGORY: POLITICS/ECONOMY

SHOTLIST:
1. various of China

STORYLINE:

China's provincial governments are eyeing new economic engines from AI to new energy vehicles, with a continuous focus on consumption, as indicated by their development plans for 2024.

To date, all provincial-level regions have unveiled their growth targets for 2024 in government work reports delivered to people's congresses. Their 2024 GDP growth targets range from 4.5 percent to 8 percent, with the majority expecting to expand economy by over 5 percent.

Most of the government work reports explicitly pledged to foster or expand "new productive forces" in their 2024 road maps.

First put forward by the Chinese leadership in September 2023, this concept is believed to refer to sci-tech breakthroughs and innovation that drive strategic emerging industries and future industries.

For example, Guangdong Province aims to boost new productive forces in industries including integrated circuit, new energy storage and commercial spaceflight. It also plans to foster future industries such as 6G technology and humanoid robot.

Liaoning Province, an old industrial base in northeast China, said it will promote clustered, integrated development of new materials, bio-medicine and other emerging industries.

Meanwhile, all local government work reports highlighted the task of boosting spending in 2024.

Consumption was a significant growth driver in China last year. Final consumption contributed 82.5 percent to the country's GDP growth in 2023, up 43.1 percentage points from 2022.

Digital consumption, health-related consumption, nightlife and new energy vehicles are frequent mentions in the local government goals for the year ahead.

Xinhua News Agency correspondents reporting from Beijing.
(XHTV)