Business / China scraps its annual GDP growth target for the first time

Bijing: China refrained from setting a 2020 GDP growth target and pledged to step up spending and financing to support its economy, according to Premier Li Keqiang's work report released on Friday at the start of the annual parliament meeting.

It marked the first time that China did not set a gross domestic product (GDP) goal since 1990 when the government started to publish such targets.

The Chinese economy contracted 6.8% in the first quarter from a year earlier, shrinking for the first time in decades, as the outbreak of the new coronavirus paralysed production and hit spending.

China's top leaders have promised to step up policy stimulus to bolster the virus-ravagced economy amid rising worries that job losses could threaten social stability.