China, where the coronavirus pandemic began in December, was the first economy to shut down
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
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The world's second-largest economy shrank 6.8% from a year ago in the three months ending in March after factories, shops and travel were closed to contain the infection, official data showed.
The country will still be the fastest growing large economy this financial year, but it will lose that tag next year to China, says the agency.
Goldman said it did not expect GDP to return to the pre-virus trend until the third quarter.
The People's Bank of China is closely watching the impact of the outbreak on the economy, and is preparing policy reserves to offset the pressure, Vice Governor Pan Gongsheng said
The per capita Gross Domestic Product in 2019 reached 10,276 US dollars at the average exchange rate, exceeding the 10,000-dollar mark
China's manufacturing is improving and it recently signed a trade agreement with the US, but analysts are not sure if the gains can be sustained.
Beijing has stepped up support for the economy with major tax and rate cuts and has scrapped foreign investment restrictions in its stock market
ADB also slashed its growth estimate for India to 6.5 per cent from 7 per cent
China's trade surplus also dropped sharply in August to $34.83 billion
The trade war with the US has hit China's economy, compounding a global slowdown
Government officials have said China is expected to have hit its growth target of around 6.5% last year
The predicted third-quarter growth compared with 6.7% rate in the previous quarter but would still be higher than the government's full-year target of around 6.5%
The lower income underscores a delicate balancing act for authorities as they extend a campaign to reduce China's reliance on credit-intensive investment without imperilling the economy
A proposed target would be endorsed by top leaders at the closed-door Central Economic Work Conference in mid-December, and then announced at China's annual congress in early 2018
6.9% growth gives leaders a room to focus on debt risks
On a quarterly basis, growth picked up to 1.7 percent from 1.3 percent in the first quarter
Weaning China off its dependence on yrs of cheap money may pose threat if not handled well: Experts