China Does Not Set Targets for Economic Growth This Year

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China has no targets for gross domestic product growth this year due to the uncertainty caused by the corona pandemic.

 

That said Prime Minister Li Keqiang during his opening speech of the National People’s Congress.

“We have not yet set a specific economic target this year. This is because our country is currently dealing with factors that are difficult to predict and because of the great uncertainty due to the worldwide corona pandemic,” said the Prime Minister’s speech.

The budget deficit target is “at least 3.6 percent,” Li said. In 2019 this was still 2.8 percent. The Chinese defence budget is growing less than planned. Growth is reduced to 6.6 percent.

The government also expects 9 million jobs to be added this year, which is 2 million less than last year’s expectations.

A small business support fund will continue to run for longer. Until March 2021, people can receive support for their small business. The deadline was first on June 30.

Li also said that China is working with the United States to implement the trade deal previously concluded.

Talks with Japan and South Korea are still ongoing. China wants to play a significant role in reforming the World Trade Organization (WTO).

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