No bold targets in GDP this year – Li Keqiang

China has no targets for gross domestic product growth this year due to the uncertainty caused by the corona pandemic. That said Prime Minister Li Keqiang during his opening speech of the National People’s Congress.

“We have not yet set a specific economic target this year. This is due to the fact that our country is currently facing difficult to predict factors and the great uncertainty caused by the global corona pandemic,” said the prime minister’s speech.

The budget deficit target is “at least 3.6 percent,” Li said. In 2019 this was still 2.8 percent. The Chinese defense budget is growing less than planned. Growth is reduced to 6.6 percent.

The government also expects 9 million jobs to be added this year, which is 2 million less than last year’s expectations. A small business support fund will continue to run for longer. Until March 2021, people can receive support for their small business. The deadline was first on June 30.

Li also said that China is working with the United States to implement the trade deal previously concluded. Talks with Japan and South Korea are still ongoing. China wants to play a major role in reforming the World Trade Organization (WTO).

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