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China Won’t Set a GDP Growth Target

On May 22, the third session of the 13th China’s National People’s Congress was held in Beijing. Chinese Premier Li Keqiang delivered a government work report, stating that China will not set a GDP growth target for 2020. For the first time since setting economic growth targets in 1994, China will not set a specific target for annual economic growth. Li Keqiang explained, “[M]ainly because of the great uncertainties of the global pandemic situation and the economic and trade situation, China’s development is facing some unpredictable factors. This will help guide all parties to focus on the “six stabilities” (stabilizing employment, finance, foreign trade, foreign investment, domestic investment, and expectations), and “six protections” (protecting the employment of residents, basic livelihood, market players, food and energy security, supply chains in the industrial chain, and basic-level operations)

The government work report announced that China will issue 1 trillion yuan in government bonds for COVID-19 control.

Source: BBC Chinese, May 22, 2020