Thursday, May 01, 2014

China's Provinces GDP Growth Significantly Below Goals

China's resource-dependent and manufacturing-heavy provinces suffered the sharpest growth slowdown in the first quarter as the government pushed to reduce overcapacity and pollution, adding to signs of protracted weakness in the economy.

Annual economic growth in Hebei province, the nation's top steel producer, tumbled to 4.2 percent in the first quarter of 2014 from 8.2 percent in the previous quarter, according to data

released by government websites and official newspapers.

Inner Mongolia, which provides one-third of the coal supply in the country, saw gross domestic product (GDP) growth dipping to 7.3 percent in the first quarter from 9.9 percent a year earlier.

Growth in Heilongjiang was 4.1 percent in the first quarter, the lowest among 30 of 31 provinces and municipalities, according to the data.

Economic growth was 5.5 percent in Shanxi, a major coal producing province which has been hit by slumping coal prices.

Shaanxi province has yet to publish its first-quarter growth data.

First-quarter growth in almost all Chinese provinces was below their annual targets, according to local media.

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