China drops setting of annual goals on GDP growth in 2020: Report
International

China drops setting of annual goals on GDP growth in 2020: Report

Agency News

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 COVID19 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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