Beijing’s municipal government is likely to keep its 2018 gross domestic product (GDP) target at around 6.5 per cent, on par with the objective that Shanghai has set for itself this year.
The targets economic growth for the two wealthy mega-cities are in line with the national goal, which has to keep the target steady as the central government shifts its focus to quality from high growth.
Premier Li Keqiang said this week that the “three tough battles” for China’s economy are reducing poverty, controlling pollution and curtailing risks, reports Reuters.
Shanghai and Beijing, which are not part of any province, together accounted for 7.0 per cent of the national GDP last year.
The two cities, each has a population of more than 20 million, are often magnets for both government and private investors, and in recent years, property speculators.
Shanghai remains synonymous with profit-driven entrepreneurship, while Beijing is developing a reputation as a hub for technological start-ups.
Shanghai’s economy grew 6.9 per cent last year to 3 trillion yuan ($469 billion), with services accounting for 69 per cent of its economy.
Beijing expanded 6.7 per cent to 2.8 trillion yuan, with its high tech and strategic new industries surging more than 10 per cent.
China’s overall GDP grew 6.9 per cent to 82.71 trillion yuan in value terms.