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China Abandons Hard Growth Target, Shifts Stimulus Focus to Jobs

May 28, 2020

BY Alexander Kalis
MANAGING PARTNER

By Bloomberg and BBC

The Chinese government abandoned its decades-long practice of setting an annual target for economic growth amid the storm of uncertainty unleashed by the coronavirus pandemic, and said it would continue to increase stimulus.

Speaking Friday morning at the National People’s Congress in Beijing, Premier Li Keqiang delivered an annual policy address that laid out a renewed focus on maintaining employment and investment. Against a backdrop of escalating tensions with the U.S., Li said Beijing remains committed to implementing the terms of the ‘phase one’ trade deal.

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China also moved to impose a controversial Hong Kong security law, sparking a sharp correction in Hong Kong markets amidst fears of renewed protests.

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