Chinese President Xi Jinping said China's annual economic growth target could have been set around 6% had the new coronavirus epidemic not happened, according to state media reports on Saturday. The Chinese government on Friday omitted a gross domestic product (GDP) growth target for 2020 in its
BEIJING - Chinese President Xi Jinping said China's annual economic growth target could have been set around 6% had the new coronavirus epidemic not happened, according to state media reports on Saturday.
"If the epidemic hadn't happened, under general circumstances, the GDP growth target would be set around 6%," Xi told a parliamentary group discussion on Friday, according to state media. "If we rigidly set one , then the focus will be on strong stimulus and to hit the growth rate, which is not in line with the purpose of our economic and social development," Xi said.
In its report, the government announced a range of fiscal measures to bolster the economy, equal to about 4.1% of China's GDP, according to Reuters calculations based on the fiscal stimulus announced.Differences in opinion exist in China's policy circles between those who call for a measured approach in supporting the economy and those who urge more aggressive measures that might incur financial risks down the road.
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