China drops annual GDP target for 2020 citing coronavirus, global uncertainties

China for first time in deces has decided to drop its annual Gross Domestic Product (GDP) target in order to prioritise its coronavirus response and focus on stabilising ecomy. Chinese government h started publishing its annual growth targets in 1990 but this year due to pandemic, Communist state has decided to abandon it. According to reports, Premier Li Keqiang while dressing parliamentarians at opening of National People's Congress said that due to uncertainty surrounding global tre such targets will be given this year which will help lawmakers focus on or key areas. 

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Before start of new session, ecomists and experts from across globe h predicted China to set its GDP target for this year at 6 percent. However, with Premier Li's anuncement it is w clear that Beijing is currently more concerned about coronavirus pandemic than it is about ecomy. China has suffered ecomically last year as well because of fierce tre war with United States, which saw its ecomy grow by 6.1 percent, country's slowest rate of growth since 1990.

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Premier Li Keqiang set some targets for this year and among those is creation of 9 million new urban jobs, which is 2 million fewer jobs from what was set in year 2019. As per reports, Premier Li set target for consumer price index (CPI) at around 3.5 percent, which saw an increase from previous year. This year Premier Li took half time to deliver his annual speech than what he took last year. 

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COVID-19 in China

China has successfully mand to contain coronavirus outbreak if data from Communist state are to be believed. According to figures by Johns Hopkins University, China has recorded over 84,000 confirmed coronavirus cases, of which more than 4,600 people have lost ir lives. Health experts believe that virus emerged from a seafood market in China's Wuhan city, where exotic animals were reportedly being tred illegally. 

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(Im Credit: AP)