Xizang aims for steady economic growth this year

The Xizang autonomous region is expected to witness high-quality development and steady economic growth this year, said Yan Jinhai, chairman of the regional government, on Sunday.

In 2024, the region aims to achieve GDP growth of 8 percent and total fixed-asset investment growth of 13 percent.

Also this year, the income growth of urban residents of the region will be in sync with economic growth, and the income of rural residents will grow faster than that of urban residents, Yan said. He added that the region's consumer price index will be kept below 3 percent, and the surveyed jobless rate in urban areas below 5 percent.

Yan announced the targets on Sunday while delivering a government work report at the annual session of the regional People's Congress.

"In 2023, the region's economic operations continued to see growth. The growth rate of major economic indicators of the region ranked among the top in the country," Yan said.

Achievements in 2023

The region's gross domestic product last year is estimated to surpass 230 billion yuan ($32.2 billion), with an annual growth rate of about 9 percent, while per capita GDP stood at nearly 60,000 yuan. The per capita disposable income of urban residents exceeded 50,000 yuan, with a growth rate of about 6.5 percent. The per capita disposable income of rural residents exceeded 20,000 yuan, up 10 percent year-on-year.

The report said that in the past year, the region continued to make livelihood improvement a priority. Sixteen key measures to help residents generate income were fully implemented, more than 640,000 rural residents were provided with various job opportunities, and more than 6.5 billion yuan was paid out as wages.

According to the region's goals for the new year, the government will continue to expand effective investment and continuously promote project construction.

"We will further expand effective investment to stimulate potential consumption, making development expectations more stable, more confident, and with more abundant vitality," said Yan.

Tseyang, a deputy to the ongoing annual session of the regional People's Congress, said she operates a company producing ethnic clothing and handicrafts, and she has benefited from a series of policies implemented by the government to support the private economy.

"My company has 158 employees, most of whom are locals, and we have been benefiting from the micro loans, tax exemption and reduction provided by the government," said Tseyang, adding that in the past, she also received a startup fund from the government for her business.

Wangdu, a male resident from the region's Shaitongmon county, lauded the increase in government investment in livelihood generation and creating a good business environment, thanks to which he and his fellow villagers have enjoyed a better standard of living in recent years.

Wangdu, who owns a shop in Lhasa selling Tibetan furniture, said that he made over 200,000 yuan in 2023 through the business, and the per capita disposable income of his family last year reached more than 30,000 yuan.

"I am pleased to hear that the overall economic momentum of the region is growing, and I believe our business and life will become better in the coming year," he said.