Beijing has mandated debt-ridden local governments to restructure their debt and rein in spending, with the northern municipality of Tianjin setting a 4.5 per cent gross domestic product (GDP) growth target for 2024.
Governor Wang Weizhong on Tuesday said Guangdong would ‘pace up construction of a world-class bay area’ in 2024, with the province a key part of China’s Greater Bay Area plan.
Beijing and Shanghai issued their latest round of support measures last December to shore up confidence. The measures seem to have yielded solid results. But analysts say the trend is far from sustainable.
China s investment-led growth has hit a ceiling with its principal trading partners shoring up domestic investment. The model of running an enormous trade surplus with the rest of the world has not yielded mass affluence.