China gives up setting the economic growth target for 2020

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Against the background of the Corona pandemic, the Chinese authorities have abandoned the goal of 2020 economic growth.

Beijing – Sputnik. Usually GDP growth targets are expressed in the annual report of the Premier of the People’s Republic of China, Li Keqiang, at the opening of the parliament session, but this year it did not happen.

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                    AFP 2020 / Hector Retamal

A diplomat expresses his astonishment at China’s actions to curb the economic consequences of the Coruna virus

According to the results of the first quarter of 2020, China’s gross domestic product decreased by 6.8 percent year on year under the influence of the Covid-19 pandemic, and this happened for the first time after the 1976 Cultural Revolution.

According to the results of 2019, China’s GDP has grown by 6.1 percent, which is the worst indicator in the past three decades, but this coincided with the official expectations of the authorities, which predicted a growth of 6 to 6.5 percent.

Last year, China’s GDP reached 99.08 trillion yuan (14.4 trillion dollars). However, China maintains its position as the world’s second largest economy.

The media said earlier this month that Beijing was seriously considering the possibility of not setting a target for GDP growth this year due to great doubts about the future of the economy against the backdrop of the pandemic.

These developments come in light of tension between China and the United States against the background of the Corona pandemic, and Beijing threatened a strong response to Washington if the US Congress passed legislation imposing sanctions on China, based on accusations that China caused the Corona pandemic.

“We strongly oppose these bills, we will respond firmly and take countermeasures based on the discussions that the parliament will hold on this legislation,” said Zhang Yisui, spokesman for the Chinese parliament, at a press conference on the eve of the annual session of the NPC.



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