Local governments have cut their trade growth targets this year amid uncertainties in external demand, but this gives leeway for economic restructuring, analysts said Wednesday.
Major exporters in regions such as South China's Guangdong Province and East China's Jiangsu, Shandong and Fujian provinces have cut their trade growth targets during ongoing local legislative sessions.
"A moderate trade growth target would give local governments more room for industrial restructuring and upgrading," said Yu Fugong, director of the Research Department of Economics at the Party School of the CPC Guangdong Provincial Committee.
Guangdong, whose trade accounted for 25 percent of the country's total trade in 2012, cut its trade growth target to 5 percent in 2013 from 7.5 percent in 2012, official data released last week showed.
"Cutting its trade growth target is in line with other major economic targets set by Guangdong Province," Yu said.
Guangdong also aims to achieve economic growth of 8 percent in 2013, down from the 8.5 percent target in 2012, Zhu
Xiaodan, governor of the province, said Friday.
Jiangsu and Fujian have also lowered their trade growth goals to 5 percent in 2013, down from 8 percent and 10 percent, respectively, in 2012.
Shandong downgraded its trade growth target to 8 percent in 2013 from 10 percent of the previous year. Zhejiang, another major exporter, is yet to announce its trade target.
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