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China drops 2020 GDP goals: Report

China drops 2020 GDP goals: Report
May 22
15:16 2020

Beijing, May 22 : China has decided not to set the annual goals on the GDP growth in 2020 amid the COVID-19 pandemic, the government’s report issued on Friday said.

Its economy decreased by 6.8 per cent year-to-year in the first quarter of 2020 over the COVID-19 pandemic. This is the first recorded GDP fall in China since 1976.

According to the report, the deficit of China’s state budget in 2020 will amount to some 1 trillion yuan ($141.6 billion), or 3.6 per cent of GDP.

“The deficit will amount to 3.6 per cent of GDP, or 1 trillion yuan, which is 0.8 percentage points more than in 2019,” the report said.

UNI

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