China's manufacturing powerhouse Guangdong has lowered its 2026 GDP growth target to 4.5%-5% after missing the previous year's goal. Governor Meng Fanli announced this during the opening of the Guangdong provincial people’s congress. The adjustment signals challenges from the property sector drag and global headwinds.
Guangdong province, China's premier manufacturing hub, is recalibrating its economic ambitions. Governor Meng Fanli said on Monday while delivering the annual government work report at the opening of the Guangdong provincial people’s congress that the southern province, bordering Hong Kong, expects its gross domestic product to grow between 4.5 and 5 per cent in 2026.
The move comes after the province fell short of its 5 per cent target last year amid a persistent drag from the property market. Guangdong is home to major troubled developers such as Evergrande, Vanke and Country Garden.
The province’s economy continues to face a mix of long-standing issues and emerging challenges, Meng said in the report. As an industrial behemoth hit by property and global headwinds, Guangdong is shifting focus in a strategic pivot amid national reforms, addressing intensifying external pressures and internal regional imbalances.
This adjustment underscores Guangdong's role in broader national economic strategies, highlighting the need for cautious planning in the face of sector-specific vulnerabilities.
