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China abandons GDP target for first time in decades

Christian Fernsby ▼ | May 22, 2020
China for the first time in decades will not have a GDP growth target for 2020 given the global economic uncertainties because of the coronavirus pandemic, a government work report released by Premier Li Keqiang said Friday.
China port
GDP   China port
Premier Li read out the report at the launch of the shortened annual National People’s Congress (NPC) China’s rubber stamp parliament meeting in Beijing on Friday, pledging government support to help the outbreak-hit economy and setting out broad economic goals for the year.

Topics: China GDP

In a draft budget report submitted to the NPC, the government also set a 6.6 percent growth rate for its defence budget, lower than the 7.5 percent rise in 2019, an outlay that’s closely followed globally.

The proposed defense budget stands at 1.268 trillion yuan ($178 billion), according to the draft budget.