This archive report was first published on 23 May 2020.
As the world grapples with the Covid-19 pandemic, China's leaders are convening for the annual parliament meeting in Beijing, a significant event that has garnered attention due to the unprecedented global economic disruption.
According to Premier Li Keqiang, the Chinese government has chosen not to set a specific annual economic growth target for 2020, opting instead to focus on maintaining the prevailing economic conditions and prioritizing the welfare of its citizens.
Speaking at the Great Hall of the People, Premier Li emphasized that this decision will enable the government to concentrate on ensuring the fundamentals of the economy are stable.
He noted that due to the impact of the pandemic, it is difficult to predict the ultimate growth rate of the country's economy, and that China will face factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment.
The government has prioritized issues such as job security, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments.
President Xi Jinping's-led government is promising to further cut tax and fees for enterprises with an aim of reducing their corporate burden, while stepping up financial support for stable business operations.
At present and for some time to come, China will face risks and challenges like never before, but Premier Li acknowledged that the country has a unique political and institutional strengths, alongside a strong economic foundation, enormous market potential, and hundreds of millions of intelligent and hardworking people to enable it overcome these challenges.
