Jubilee Post News & Views
Jubilee News Desk
This would be for the first time that China will not set an economic growth goal for the year as the nation deals with the coronavirus pandemic.
Beijing has not had a gross domestic product (GDP) target since 1990 when records began. The announcement comes from Premier Li Keqiang at the start of the country’s annual parliament meeting.
To read the statistics the world’s second largest economy shrank by 6.8% in the first quarter from a year ago as lockdowns paralysed businesses across nation.
This is because our country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic, the world economic and trade environment across the globe, Premier Li said.
The country’s leadership has promised to boost economic support measures amid growing concerns that rising unemployment could threaten social stability. The announcement comes a few days after India announced economic package of Rs 20 lakh crore for the country.
But China’s move comes as tensions between Beijing and Washington are becoming increasingly strained over the coronavirus pandemic, trade and Hong Kong. A day before US president Donald Trump stepped up his attacks on China, suggesting that the country’s leader, Xi Jinping, is behind a disinformation and propaganda attack on the United States and Europe.
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It came as Trump and other Republicans have escalated their criticism of Beijing’s handling of the early stages of the outbreak.
China also announced plans to impose new national security legislation on Hong Kong after last year’s pro-democracy protests. The announcement was met with a warning from Trump that the US would react very strongly against any attempt to gain more control over the former British colony.
US-listed Chinese companies have come under increasing scrutiny in recent weeks.
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