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For The First Time, China Has Set No Annual Growth Target

By Staff
|

China has decided to not set an annual economic growth target this year. It is the first time that the country has not had a GDP (gross domestic product) target since 1990, when records began.

This decision was revealed on Friday where Premier Li Keqiang omitted the target from the work report presented at the country's annual parliament meeting.

For The First Time, China Has Set No Annual Growth Target
 

"We have not set a specific target for economic growth for the year, mainly because the global epidemic situation and economic and trade situation are very uncertain, and China's development is facing some unpredictable factors," Premier Li said according to a Reuters report.

China's virus-hit economy shrank 6.8 percent in the January-March quarter as the lockdown paralysed business activity.

China has set a target to create over 9 million urban jobs this year, according to Li's report, down from a goal of at least 11 million in 2019 and the lowest since 2013.

Ahead of the National People's Congress, the week-long meeting of the largely rubber-stamp parliament, China's top leaders have promised to boost stimulus to bolster the economy amid rising worries job losses could threaten social stability.

Beijing is also planning security legislation for Hong Kong, which Li said will provide a "sound" legal system and enforcement mechanisms but which critics say could curb autonomy in the city.

Read more about: china gdp
Story first published: Friday, May 22, 2020, 14:36 [IST]
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