爱上海官网：Trump worry in China： Export hubs Shanghai, Guangdong cut GDP targets over external pressure

China’s major exporting hubs have cut their economic growth targets for 2025, citing external challenges, including the potential impact of US President-elect Donald Trump’s trade policies. The cautious approach, detailed in annual work reports, reflects concerns over higher tariffs and global trade uncertainties.爱上海官网

Shanghai and Guangdong, key economic powerhouses, both announced growth targets of “around 5 per cent,” down from the 5.5-6 per cent range set by several central and eastern provinces earlier this week, according to South China Morning Post.

While specific trade targets were absent, both regions pledged to bolster local consumption, invest in technological advancements, and attract foreign investment.

Shanghai, a global financial centre and home to the world’s busiest container port, maintained its growth target from 2024, SCMP cited Mayor Gong Zheng as saying. Addressing the city legislature, Gong highlighted the heightened pressures facing the export-reliant economy.

“Shanghai’s economy is highly export-oriented, and would be the first in China to be affected by external factors,” he said上海各区新茶工作室. “The pressure to stabilise foreign trade and foreign investment has increased, and some enterprises are having difficulties in production and operations.”

Shanghai recorded a total import and export value of 4.27 trillion yuan ($582.4 billion) in 2024, contributing to a GDP exceeding 5 trillion yuan. The city reported a steady urban unemployment rate of 4.2 per cent, below the national average of 5 per cent.

Emerging industries such as artificial intelligence, biomedical science, and integrated circuits showed robust growth, with research and development expenditures accounting for 4.4 per cent of GDP.

However, foreign direct investment dropped to $17.5 billion in 2024 from $24.1 billion in 2023, prompting calls for stronger efforts to attract investors.

Guangdong, China’s largest provincial economy and top exporter, outlined plans to support businesses in securing overseas orders. Governor Wang Weizhong suggested expanding exports of electronics, smart home appliances, and electric vehicles while diversifying markets.

“We’ll try to stabilise the Europe, US, Japan and South Korea markets, expand in emerging markets like Asean, the Middle East, Latin America and Central Asia, while tapping the potential of Africa and countries in the Pacific Islands,” Wang said in his report.爱上海龙凤419

Despite maintaining its position as China’s leading exporting province for 39 years, Guangdong’s growth lagged behind national averages in 2024. The province reported a GDP growth of 3.4 per cent in the first three quarters, mainly due to a slump in the property market.

Official figures indicate that GDP exceeded 14 trillion yuan in 2024, up from 13.57 trillion yuan in 2023.上海品茶网

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