China scraps annual economic growth target for first time

Sun Online Desk

22nd May, 2020 01:45:11 printer

China scraps annual economic growth target for first time

 

China will not set an economic growth goal for this year as it deals with the fallout from the coronavirus pandemic.

It is the first time Beijing has not had a gross domestic product (GDP) target since 1990 when records began, BBC reported.

The announcement was made by Premier Li Keqiang at the start of the country's annual parliament meeting.

The world's second largest economy shrank by 6.8% in the first quarter from a year ago as lockdowns paralysed businesses.

“This is because our country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment,” Premier Li said.


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