You are here: Home » International » News » Economy
Business Standard

Covid-19 impact: China projects deficit-to-GDP ratio at over 3.6% in 2020

China has decided not to set goals on the GDP growth in 2020 amid the Covid-19 pandemic, Government Work Report as stated by The Global Times

Topics
China GDP | China GDP growth

ANI  |  New Delhi 

A member of a medical team weeps at the Wuhan Tianhe International Airport after travel restrictions to leave Wuhan, the capital of Hubei province and China's epicentre of the novel coronavirus disease (COVID-19) outbreak, were lifted. Photo: Reuters
A member of a medical team weeps at the Wuhan Tianhe International Airport after travel restrictions to leave Wuhan, the capital of Hubei province and China's epicentre of the novel coronavirus disease (COVID-19) outbreak, were lifted. Photo: Reuters

China has projected deficit-to-GDP ratio at more than 3.6 per cent in 2020, said a government report on Friday.

"China's deficit-to-GDP ratio this year is projected at more than 3.6 per cent, 0.8 percentage points higher than that of last year," according to the Government Work Report as stated by The Global Times.

The deficit increase is projected at 1 trillion yuan over last year's 2.76 trillion yuan, according to the report delivered by Premier of the State Council Li Keqiang at the opening of the third session of the 13th National People's Congress on Friday.

China has decided not to set goals on the GDP growth in 2020 amid the Covid-19 pandemic, the report said.

ALSO READ: Online air bookings up despite restrictions, OTAs gear up to tackle demand

According to Xinhua, the country will work to ensure achieving the development goals of winning the battle against poverty but will not set a specific economic growth target for 2020.

The work report further said that the country has set a goal to eradicate poverty this year despite the pandemic.

"This year, we must give priority to stabilizing employment and ensuring living standards, win the battle against poverty, and achieve the goal of building a moderately prosperous society in all aspects," the report said.

Moreover, China is going to issue public bonds worth 9 trillion yuan (USD 1.26 trillion) to fight the Covid-19 pandemic.


ALSO READ: Banks, financial cos must be allowed to avail credit insurance: Irdai group

Premier Li Keqiang also said that Beijing is ready to boost cooperation on fighting the Covid-19 pandemic and to work on stabilizing the global affected by the deadly contagion.

The novel which was first reported in the Chinese city of Wuhan has so far affected 5,101,400 people globally and claimed 332,876 lives, according to Johns Hopkins University.

First Published: Fri, May 22 2020. 19:54 IST
RECOMMENDED FOR YOU