China’s GDP Growth Targets for 2025

Fifteen provinces in China have revised their GDP growth targets for 2025, with most aiming for between 5% and 6%. Qinghai province is the only exception, setting a target below 5%.

Provincial Targets

• Sichuan: Reduced its target.
• Zhejiang, Jiangsu, and Shandong: Maintained their targets.
• Tibet: Set the highest target at 8%.
• Hainan: Aims for above 6% despite muted growth in 2024.
• Chongqing, Inner Mongolia, Hubei, and Xinjiang: Set targets around 6%.

Specific Target Highlights

• Nine provinces such as Anhui, Sichuan, Zhejiang, and Henan have targets of 5.5% or above.
• Fujian lowered its target to between 5-5.5%.
• Fourteen provinces, including Shandong, Jiangsu, Beijing, and Shanghai, target 5% or above.
• Tianjin raised its target to 5% from a previous 4.5%.

Housing Market Trends

In related news, housing rents in China have reached new lows in recent years. According to the China Index Academy:
– Average rent in tier-1 to tier-3 cities is RMB 75.37, RMB 28.31, and RMB 24.58 per square meter, respectively, as of December 2024.
– These figures represent the lowest rent levels since September 2021, with declines of 7.15%, 9.79%, and 8.9% in tier-1 to tier-3 cities compared to September 2021.

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