China: Beijing to focus on 'expanding domestic demand' as GDP target scrapped due to COVID-19

China is set to focus on «expanding domestic demand,» and other goals, in lieu of setting a GDP target, according to the head of China's National Development and Reform Commission on Friday. Minister He Lifeng explained that this was due to the effects of the coronavirus outbreak on the national and global economy, while speaking at the opening of the annual National People's Congress in Beijing... Еще. «Because the sudden outbreak of COVID-19 had a massive impact on the economy, the indexes have to the compared with the same indexes of the past years. However, some of the indexes this year are incomparable with the indexes from previous years,» said He . «China's economy has deeply integrated with the global economy. The epidemic has still been expanding all over the world; there is a massive uncertainty for the economy in the rest of the countries in the world. In this case, we should focus on expanding domestic demand, accomplishment on stable development and tasks, instead of the certain index, like the GDP growth,» he added. He's statement comes shortly after Chinese Premier Li Keqiang's announcement that China would be scrapping the growth target amid «uncertainty» created by the coronavirus outbreak. NO ACCESS MAINLAND CHINA; NO USE AFTER JUNE 21 2020

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