China abandons 2020 GDP growth target amid COVID-19 pandemic, global uncertainties

For the first time in decades, China has not set a GDP growth target. At the opening session of China's legislature, Premier Li Keqiang warned of immense economic challenges due to the COVID-19 pandemic. He said the priority is to stabilise employment and fight poverty. China's GDP contracted 6.8% in Q1 2020, and economists expect full-year growth to be between 1% and 2%. But unofficial projections show the economy has to grow 6.2% in order to achieve China's long-held goals of doubling GDP and incomes in the decade to 2020.



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