Yet, infrastructure still appears to be a main focus of investment, despite attempts to boost resources in “new strategic industries” and “hi-tech manufacturing”, according to provincial-level meetings that have been taking place over the past month.
China’s growth being held back by ‘protectionism’ at local level, Beijing told
Speaking to the Post on Thursday, economist Yu Miaojie, who is also the president of Liaoning University, noted how China’s leadership has identified “investment” as a major accelerator for its economy. Therefore, Yu expected that policy would remain focused on “increasing government spending and lowering taxes”.
Guangdong, which boasts China’s largest provincial economy, has set a 2024 budget of 598.6 billion yuan (US$83.3 billion) for major infrastructure projects, including roads and bridges, while earmarking 150 billion yuan for…
