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China to Abandon Numerical GDP Target on ‘Great Uncertainty’

Published 05/22/2020, 08:39 AM
Updated 05/22/2020, 09:00 AM
© Bloomberg. Morning commuters wearing protective masks ride on an escalator at a plaza in downtown Guangzhou, China, on Wednesday, May 13, 2020. The Pearl River Delta industrial belt has served as one of China’s most important growth engines since the Communist Party opened the economy four decades ago, propelling its rise to become one of the world’s leading powers. But now in Guangdong the situation is getting dire in some labor-intensive sectors where the widespread struggle to earn cash risks turning into a big political problem for Chinese President Xi Jinping. Photographer: Qilai Shen/Bloomberg

(Bloomberg) -- China will not set a numerical target for gross domestic product growth this year, according to the text of Premier Li Keqiang’s annual policy address set for Friday and seen by Bloomberg News.

“I would like to point out that we have not set a specific target for economic growth this year,” the report said. “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 and the world economic and trade environment.”

The government is due to set a target for urban job creation of over 9 million jobs, lower than the previous year’s target of around 11 million, and a target for the urban surveyed unemployment rate of around 6%, higher than 2019’s goal, according to the document. The government is shifting focus to preserving employment after the worst economic slump in decades.

©2020 Bloomberg L.P.

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