(Yicai Global) Feb. 9 -- China's 31 provincial-level regions have announced their fiscal income growth targets for this year, with the average set at more than 6 percent.

Six provinces -- Hainan, Jilin, Henan, Gansu, Hubei, and Xinjiang -- led with projected jumps in general public budget revenue of over 10 percent, while 15 others, including Jiangsu, Zhejiang, and Shanghai, target between 5 percent and 6 percent.

Based on the fiscal income growth targets so far revealed, nearly half of all provinces have set a goal of 5 to 6 percent, in line with their gross domestic product targets for this year, Luo Zhiheng, chief economist at Yuekai Securities, told Yicai Global.

Economic development is the main consideration when setting fiscal revenue targets, especially the income from key corporate and project taxes, according to one local financial source.

Many provinces expect that the economy to grow overall this year, according to their budget reports. But although fiscal income is likely to be higher this year compared with 2022, it is still quite out of balance with expenditure.

Some provinces, including Zhejiang, Sichuan, Hebei, and Anhui, said the gap between revenue and expenditure will remain this year, meaning a tight balance will persist.

Local governments will continue to reduce non-essential expenditure, such as general expenses, and focus fiscal funds on guaranteeing people's livelihoods, stabilizing social operations, and promoting development.

Editors: Shi Yi, Martin Kadiev