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Financial News: China Skips Setting GDP Target For 2020

China Skips Setting GDP Target For 2020

05/22/2020 - 01:33:00 (RTTNews)

(RTTNews) - The Chinese government dropped setting economic growth target for the first time amid uncertainties posed by the coronavirus, or Covid-19, pandemic.

At the annual session of National People's Congress in Beijing, Premier Li Keqiang said the 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.

According to a government work report, the government aims to add over 9 million jobs and target the urban unemployment rate at around 6 percent.

Li said China will work with the U.S. to implement the 'phase one' trade deal. The government expects the budget deficit to widen to more than 3.6 percent of GDP.

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