China will refrain from setting a GDP target, citing concerns over global uncertainty, the country's premier said
BEIJING - China dropped its annual growth target for the first time on Friday and pledged more government spending as the COVID-19 pandemic hammers the world’s second-biggest economy, setting a sombre tone to this year’s meeting of parliament.
The economy shrank 6.8% in the first quarter, the first contraction in decades, hit by the outbreak of the new coronavirus, which started in the central Chinese city of Wuhan. 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.
The move drew warnings from the United States, falls on Asian stock markets and calls among Hong Kong activists for protests in the former British colony.China is targeting a 2020 budget deficit of at least 3.6% of GDP, above last year’s 2.8%, and fixed the quota on local-government special bond issuance at 3.75 trillion yuan , up from 2.15 trillion yuan, according to Li.The government will issue 1 trillion yuan in special treasury bonds this year, the first such issuance.
“The annual budget points to fiscal stimulus this year at least on par with that following the global financial crisis,” Julian Evans-Pritchard, senior China economist at Capital Economics, wrote in a note.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Amid High Stakes, China Is Fast-Tracking COVID-19 Vaccine EffortsExperts say the Communist Party sees more at stake than public health. One of the biggest concerns is the economy. China is also looking to defuse criticism over its early handling of the outbreak.
Lire la suite »
Top Medical Journal Refutes Trump Statement On WHO's Response To COVID-19 In China“This statement is factually incorrect,” The Lancet said of one accusation against the World Health Organization.
Lire la suite »
China Scraps GDP Target for 2020Chinese Premier Li Keqiang said the government wouldn’t set an economic target for 2020, in a stark acknowledgment of the challenges facing the world’s second-largest economy as it continues to grapple with the uncertainties around the coronavirus pandemic.
Lire la suite »
Beijing Scraps GDP Target, a Bad Sign for World Reliant on China GrowthChina broke with more than a quarter-century of tradition by eschewing an economic growth target for 2020, a stark acknowledgment of the challenges facing the world’s second-largest economy as it grapples with uncertainties around the coronavirus pandemic.
Lire la suite »
China will not set GDP target for 2020 as coronavirus batters economyChinese Premier Li Keqiang's remarks Friday are part of China's annual parliamentary meeting, delayed by about two months this year due to the disease known as Covid-19.
Lire la suite »