China scraps annual economic growth target for first time

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China force not set an economic growth goal for this year as it deals with the fallout from the coronavirus pandemic.

It is the chief time Beijing has not had a gross domestic product (GDP) target since 1990 when curriculum vitae began.

The announcement was made by Premier Li Keqiang at the start of the country’s annual parliament caucus.

The world’s second largest economy shrank by 6.8% in the first billet from a year ago as lockdowns paralysed businesses.

“This is because our territory will face some factors that are difficult to predict in its maturing due to the great uncertainty regarding the Covid-19 pandemic and the world economic and swap environment,” Premier Li said.

The country’s leadership has promised to boost fiscal support measures amid growing concerns that rising unemployment could caution social stability.

The move comes as tensions between Beijing and Washington are tasteful increasingly strained over the coronavirus pandemic, trade and Hong Kong.

On Thursday, President Donald Trump started up his attacks on China, suggesting that the country’s leader, Xi Jinping, is behind a “disinformation and promotion attack on the United States and Europe.”

It came as Mr Trump and other Republicans organize escalated their criticism of Beijing’s handling of the early stages of the outbreak.

Also on Thursday, China notified plans to impose new national security legislation on Hong Kong after continue year’s pro-democracy protests.

The announcement was met with a warning from Mr Trump that the US commitment react “very strongly” against any attempt to gain more repress over the former British colony.

Separately, two US senators have introduced legislation to punish Chinese entities involved in enforcing the planned new laws and penalise banks that do profession with them.

Earlier this week, the US Senate unanimously obsolete a proposal to delist Chinese companies from American stock transfers if they fail to comply with US financial reporting standards.

US-listed Chinese assemblies have come under increasing scrutiny in recent weeks after Luckin Coffee displayed that an internal investigation found hundreds of millions of dollars of its trades last year were “fabricated”.

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