Chinese Local Governments Reduce Reliance on Real Estate in Shift From Old to New Industries

Chinese local governments are pivoting from a reliance on property investment to developing hubs for cutting-edge industries after more than half of the Chinese mainland’s provincial-level regions missed their GDP targets for 2023.

The world’s second-largest economy grew 5.2% last year, in line with Beijing’s target of “around 5%.” Performance at the local level, however, was a patchwork. Out of the 31 provincial-level governments on the mainland, 17 fell short of their objectives.