International

China promises stimulus spending, sets no growth target

China's Premier Li Keqiang in Beijing, China in this file photo.

China's Premier Li Keqiang in Beijing, China in this file photo.   | Photo Credit: Reuters

Premier Li Keqiang, in an annual report to China’s ceremonial legislature, warned that the battle against the virus “has not yet come to an end.” He called on the country to “redouble our efforts” to revive slumping economic growth.

China’s top economic official on Friday promised higher spending to revive its coronavirus-battered economy and curb surging job losses and said Beijing would set no growth target in order to focus on fighting the disease.

Premier Li Keqiang, in an annual report to China’s ceremonial legislature, warned that the battle against the virus “has not yet come to an end.” He called on the country to “redouble our efforts” to revive slumping economic growth.

Mr. Li said the government’s budget deficit will swell by 1 trillion yuan ($140 billion) to help meet targets including creating 9 million new urban jobs. That is in line with expectations of higher spending but only a fraction of the $1 trillion-plus stimulus packages launched or discussed by the United States, Japan and Europe.

Mr. Li said the ruling Communist Party was not announcing a growth target, a closely watched feature of his annual report, due to the “great uncertainty” of the epidemic.

China, where the pandemic began in December, was the first economy to reopen but is struggling to revive activity. Forecasters say job losses this year could exceed 20 million.

A letter from the Editor


Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
Related Topics
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | May 28, 2020 11:51:54 PM | https://www.thehindu.com/news/international/china-promises-stimulus-spending-sets-no-growth-target/article31646771.ece

Next Story