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China Revises It’s GDP Target

  • China has revised its GDP growth above 6 percent, after it scrapped its last year’s target. The announcement was made by Chinese Premier Li Keqiang during the opening of National People’s Congress.

  • Although China's economy grew last year, it only managed 2.3% growth, its lowest performance in years.

  • The new target highlights the Chinese economy's strong rebound after the pandemic shutdowns led to a sharp 6.8% contraction in the first quarter of 2020.

  • Several analysts have said that the target seems modest since it is below the projected growth rate of 8.1 percent by International Monetary Fund (IMF)