China Omits 2020 GDP Target, Citing Virus, Global Uncertainties

China has decided not to set an annual growth target for the first time in decades due to the economic impact of the virus. The country's GDP contracted by 6.8% in the first quarter of 2020, with economists predicting a growth of 1.8% for the year. The focus has shifted to stimulating the economy, addressing unemployment, and managing financial risks. Policymakers are considering increasing the deficit target and infrastructure spending, while the PBOC plans to provide more monetary support. Efforts to clamp down on shadow banking are seen as a success, and there is a renewed focus on employment and poverty alleviation.

What are the key areas that China's policymakers are focusing on to stimulate the economy?

What goals does President Xi Jinping have regarding poverty alleviation for 2020?