China Forgoes GDP Goal, Suggesting Recovery May Be Slow
May 22, 2020
For the first time in more than a quarter-century, China has decided not to issue a GDP growth target for 2020. The move signals that the world’s second-largest economy is still struggling with restarting economic growth following the coronavirus outbreak and ensuing lockdown.
Economists take Beijing’s decision to forego a target as a sign that the country’s leaders may not be planning the sort of widespread stimulus that reaching a growth target would require. It also has implications for the rest of the world’s economy, which has become increasingly reliant on China for its manufacturing and growing consumer base.