From Bloomie:
Thirty of 31 provinces and municipalities reported missing their goals, with the biggest shortfall in northeastern Heilongjiang, where an expansion of 4.1 percent compared with an 8.5 percent target for the year. Most localities’ targets are lower than in 2013. The latest data were released by government websites and newspapers.
…Six provinces missed their goals by more than 3 percentage points. In Hebei, where the government is cutting steel capacity, growth was 4.2 percent, compared with a target of 8 percent. The province surrounding Beijing is the country’s biggest steelmaker, accounting for about a quarter of national output last year, and its cities are shrouded in smog.
In Shanxi, a region hit by slumping coal prices and mine closures, an expansion of 5.5 percent compared with a full-year target of 9 percent. Heilongjiang, Hebei and Shanxi are “all provinces which suffer relatively severe overcapacity,” said Ding Shuang, senior China economist at Citigroup Inc. in Hong Kong.
…The eastern inland province of Anhui reported a 9.6 percent economic expansion in the first quarter, exceeding a goal of 9.5 percent for the year — the sole region to beat its target. Guangdong, the biggest provincial economy and a hub for exports, reported growth of 7.2 percent in the first quarter, compared with a target of 8.5 percent.
The gap in reported economic output between provinces and national statistics narrowed for the first time in six years in 2013. The combined nominal economic output of the 31 provinces expanded about 9.2 percent to 62.9 trillion yuan ($10 trillion), according to data reported by local governments and compiled by Bloomberg News in February. That exceeded the national figure by 6.06 trillion yuan, or 10.7 percent, after an 11 percent margin in 2012.
Rebalancing is go.
