Still Recovering From COVID-19, China Forgoes 2020 Growth Target
China will not set an economic growth target for 2020, according to a government work report presented at the National People’s Congress, which convened Friday in Beijing.
“We will not set a specific economic growth target mainly because of the global pandemic, and huge economic and trade uncertainties. The country’s development is facing unpredictable influencing factors,” Chinese Premier Li Keqiang said, according to Xinhua. Last year, the same work report set a GDP growth target of 6% to 6.5%.
Earlier this month, Bloomberg reported that Beijing was considering not setting a GDP growth target for this year.
This year’s “two sessions” — high-profile meetings of the country’s top legislative and political advisory bodies — were postponed two months due to the COVID-19 pandemic, with the Chinese People’s Political Consultative Conference and the National People’s Congress finally convening on Thursday and Friday, respectively.
Prior to the pandemic, which has presented unprecedented challenges for small businesses and virtually every domestic industry, China had hoped to achieve its goal of “moderate prosperity” by 2020. (Image: People Visual)