(Yicai) Feb. 4 -- China's southwestern Xizang Autonomous Region and southern Hainan province have set the biggest gross domestic product growth targets for this year among the 30 out of the country's 31 provincial-level regions to have announced economic growth goals.

Xizang's economy will likely expand over 7 percent this year, according to its government's work report. Its GDP rose 7 percent to CNY303.2 billion (USD43.7 billion) last year from 2024, ranking first by growth rate in the country for the third straight year.

Despite being located in a plateau region with a relatively weak economic foundation, Xizang has experienced significant growth in recent years, supported by major infrastructure projects, including the Sichuan-Xizang Railway and the world's largest hydropower project being built on the Yarlung Zangbo river. These have attracted substantial investment into the region, leading to rapid expansion in the local industrial sector.

The Yarlung Zangbo River Hydropower Project, which began construction last July, is expected to have a long-term positive impact on the local economy, including expanding local consumption demand and promoting a moderate increase in prices, creating a virtuous economic cycle, Liao Bo, chief macroeconomic analyst at Zheshang Securities, told Yicai.

Hainan, renowned for its tourism industry, set its 2026 GDP growth target at around 6 percent. Although its economy expanded only 4 percent to CNY810.9 billion last year, less than the national average rate of 5 percent, it started an island-wide independent customs operations under the Hainan Free Trade Port on Dec. 18, bringing more development opportunities.

Hainan will fully leverage various policy advantages of the free trade port to attract consumption and investment from outside the island, supporting China's goal of expanding domestic demand and creating a new development pattern, Liao pointed out.

Most provincial-level administrative regions set their economic growth goals between 4.5 percent and 5.5 percent for this year, with eastern Anhui province the only one yet to give a target.

Larger provinces in terms of economic scale generally aim for growth rates above 5 percent. Sichuan and Hubei, which ranked fifth and seventh by regional GDP last year, set their targets at 5.5 percent, fourth-ranked Zhejiang at between 5 percent and 5.5 percent, third-ranked Shandong at above 5 percent, and second-ranked Jiangsu, sixth-ranked Henan, and eighth-ranked Fujian at 5 percent.

Guangdong set its 2026 economic growth target at between 4.5 percent and 5 percent. Its GDP expanded 3.9 percent to CNY14.6 trillion (USD2.1 trillion) last year from the previous year, remaining the top economy in the country for the 37th year in a row.

Editors: Dou Shicong, Martin Kadiev