Some of the biggest cities in China are targeting slower growth rate this year. The slowdown will continue from the previous year when the rate of growth showed deceleration. This is in line with slower overall economic growth rate target for the economy in 2017.

According to the official estimates issued this Sunday, the city of Chongqing plans to grow by nearly 10 percent this year. Chongqing had been the fastest growing large city for a couple of past years. It had shown a growth rate of above 10 percent per annum, while It recorded 10.7 percent growth in the previous year.

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Similarly, the country's financial hub Shanghai is also looking to grow 6.5 percent this year, down from its 6.7 percent growth rate in 2016. Growth in the larger cities had major contribution towards the country's economic growth in the previous years.

The People's Daily reported that the Capital Beijing may go for 6.5 percent growth rate in 2017. The city is believed to have clocked the growth rate of 6.7 percent in the last year. The port City of Tianjin is expected to target 8 percent growth.

China is dealing with the issue of unbalanced growth as some of its 'rustbelt' provinces showed negligible growth in 2016. One of the reasons behind this is the government's emphasis on shifting the economy base from manufacturing towards consumption.

China has reduced its overall economic growth rate as well. For 2017, the country is expected to target 6.5 percent growth. The government is looking to stabilize the economy, instead of relentlessly pushing for higher growth rate.

TagsBeijing, Shanghai, Economy