China GDP: Beijing abandons 2020 economic growth target, Premier Li Keqiang confirms at NPC

China will not set an economic growth target for 2020, Premier Li Keqiang confirmed at the National People’s Congress (NPC) on Friday in Beijing

China has set a target of creating 9 million new urban jobs, while the target for consumer price index (CPI) growth is around 3.5 per cent

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Premier Li Keqiang announced China’s economic plans for 2020 at the Great Hall of the People in Beijing. Photo: Xinhua

Published: 8:56am, 22 May 2020Updated: 12:13pm, 16 Jul 2020

China will not set an economic growth target in 2020, Premier Li Keqiang confirmed at the National People’s Congress on Friday in Beijing

The move was expected in some quarters, with the economy having contracted by 6.8 per cent in the first quarter of 2020 compared to a year earlier, under huge pressure from the coronavirus pandemic.

“We have not set the specific [gross domestic product] target mainly due to the global pandemic and big uncertainties in the economy and trade,” read the work report, adding that China was facing an “unpredictable” time.

China's government has, though, set a target of creating 9 million new urban jobs, compared to 11 million last year, and a surveyed urban unemployment rate of around 6 per cent, compared to 5.5 per cent last year. In 2019, China created 13.52 million new urban jobs.

We need to blaze a new path that enables us to respond effectively to shocks and sustain a positive growth cycle

NPC work report

The target for consumer price index (CPI) growth for the year is around 3.5 per cent, compared to 3 per cent last year.

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