China drops 2020 GDP target amid pandemic uncertainties

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CHINA has not set a gross domestic product target this year, a move widely expected by economists. Read more at The Business Times.

The six fronts refer to employment, the financial sector, foreign trade, foreign investment, domestic investment, and expectations.

Last year, China's economy, battered by a fierce trade war with the US, grew 6.1 per cent - the country's slowest rate of growth since 1990. Among the main targets set out for the year is the creation of more than 9 million new urban jobs, down from 11 million last year. An urban unemployment rate target of around 6 per cent was also indicated, compared with 5.5 per cent last year.Mr Li also vowed to pursue a"more proactive and impactful fiscal policy", setting China's deficit-to-GDP ratio at more than 3.6 per cent, past a long-standing red line of 3 per cent, and a deficit increase of 1 trillion yuan over last year.

Mr Li took half the time he did last year to present the report, which was just 23 pages long, compared with last year's 43. The country's top political advisory body, the Chinese People's Political Consultative Conference, began its session on Thursday.

 

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