China's top statistics body reveals worrying growth data
The National Bureau of Statistics has revealed that at least two thirds of China's provinces, regions and municipalities may have to revise GDP projections for 2015 as a result of missing key growth targets last year.
Of the 22 regions that have released macroeconomic statistics for 2014, only Tibet met its target of 11%. Chongqing fell short of its 11% growth target by 0.1% but still maintained double digit growth. Shanxi, a northwestern province famous for coal production, reported the lowest growth at 4.9%, falling well short of its 9% target.
Nine of China's provinces have yet to release their economic data including the heavy manufacturing provinces of Heilongjiang, Jilin and Liaoning, which are all expected to have performed poorly in 2014. The Northwest province of Ningxia has already cut its projection by a fifth to 8%. Tianjin made similar cuts forecasting for growth of around 9%.
Shanghai has declined to set a growth target for 2015, although its economy is also slowing.