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China fails to set economic targets, what is the reason?
For the first time since 1990, China has failed to set its economic development target. This has been because of the spread of the coronavirus epidemic.
Premier Li Keqiang has made this announcement at an important annual meeting of the ongoing National People’s Congress in China.
Li Keqiang said, “This is because our country is struggling with some things and it is difficult to predict progress in such uncertain times. This uncertainty is due to because it has affected the economies of the world and has also affected business.”
On Friday morning, the National People’s Congress, the annual parliamentary meeting of China, consists of about three thousand delegates. The budget is approved in the meeting of the NPC and along with it, the targets of growth of the economy are also decided. But this time China has announced that it will not set any target for economic growth rate.
China’s Budget
China’s budget deficit has also increased compared to 2019. From 1990, China started publishing the target of economic growth and since then it was continuing. This is the first time China has not set any GDP targets.
Li Keqiang said that the government would offer one trillion yuan more to control Covid-19. Li Keqiang also told that China would talk about a trade deal with the US, which was hanging in the between due to the coronavirus epidemic. Regarding Taiwan, Keqiang said that China is steadfast in its sovereignty.
In China’s annual parliamentary meeting, China’s Premier Li Keqiang has praised China in the fight against the coronavirus epidemic and described it as one of the country’s ‘major strategic achievements’.
However, he warned “The epidemic is not over yet and the work that we have to do is to promote development which is more than enough.”
In the annual parliamentary meeting of China, there has also been a discussion on how the second shock of the Coronavirus epidemic will be stopped in the country.
Li Keqiang also said that due to the epidemic, the country is stuck in ‘great uncertainty‘ and the country’s economy is facing a very bad phase. In such a situation, it is difficult to predict for the next few weeks.
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