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China abandons economic growth target for 2020 due to coronavirus pandemic

May 23, 2020 | 🚀 Fathership
China will not set an economic growth target for the first time in 2020, Premier Li Keqiang confirmed at the National People's Congress on Friday in Beijing.

"We have not set the specific target mainly due to the global pandemic and big uncertainties in the economy and trade," read the work report, adding that China was facing an "Unpredictable" time.

China's government has set a target of creating 9 million new urban jobs, compared to 11 million last year, and a surveyed urban unemployment rate of around 6 per cent, compared to 5.5 per cent last year.

In 2019, China created 13.52 million new urban jobs.

The target for consumer price index growth for the year is around 3.5 per cent, compared to 3 per cent last year.