China's economy takes off running in 2023(2)

Shanghai

The municipal government of Shanghai released a new action plan on Jan 29 to expand demand, stabilize growth and further improve the city's business environment.

According to the plan, three tasks — boosting confidence, expanding demand and seeking stable growth — are imperative, with the city aiming to achieve above 5.5 percent GDP growth in 2023.

At the same time, Shanghai will provide relief packages for enterprises to reduce employment costs. To restore and boost consumption, Shanghai will provide subsidies to consumers who buy green smart home appliances, as well as purchase tax exemptions for new energy vehicles and vouchers for sectors such as cultural tourism and catering.

Between Jan 1 and 29, Shanghai signed more than 160 key industrial projects, with a total investment of 100 billion yuan ($14.77 billion). During the same period, more than 60 key industrial projects began, with a total investment of more than 70 billion yuan.

The city set a target of having its fixed-asset investment grow 5 percent to reach the 1 trillion yuan mark in 2023. Specifically, 191 major projects with a combined investment value of 215 billion yuan have been planned, up 7.5 percent year-on-year.

Zhejiang province

East China's Zhejiang province adopted a newly revised set of regulations to foster the growth of its micro, small and medium enterprises at the annual session of the Zhejiang Provincial People's Congress in January.

The adoption of the new regulations marks the latest move for Zhejiang to further optimize its business environment by setting up a sounder institutional, legal and regulatory framework.

As one of the most vibrant places in China for the private economy, Zhejiang also organized recruitment fairs online and offline in other provincial-level regions to attract migrant workers, as companies expect rising factory orders and booming production after the holiday.

Zhejiang Provincial Department of Human Resources and Social Security said 106 recruitment trips and events to other provinces were organized in the first three weeks of January.

Zhejiang will achieve a minimum GDP growth rate of 5 percent in 2023, Wang Hao, the provincial governor, announced this target while delivering the government work report.