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Provinces miss growth albeit lowered ambitions
Last Updated: 2014-04-29 10:11 | ce.cn/agencies
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Almost all Chinese provinces failed to meet their growth targets in the first quarter even after scaling back their ambitions as the government instructs officials to focus on reining in debt and curbing pollution.

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.

Premier Li Keqiang stresses quality-oriented economic growth as the government cracks down on overcapacity in the steel industry, wrestles with shadow banking risks and rolls out economic restructuring measures. While the government has supported expansion with measures such as reserve-ratio cuts for rural banks, it has so far avoided broader stimulus as Li chases a national growth target of about 7.5 percent.

"The central government will continue to refrain from all-out stimulus and the slowdown pressure may continue to rise," said Zhu Haibin, the chief China economist with JPMorgan Chase & Co. in Hong Kong.

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