Beijing abandons a 2020 GDP growth target

CHINA FINANCIAL - Report 22 May 2020 by Michael Pettis

Special points to highlight in this issue:
• Li Keqiang announced that Beijing would not set a GDP growth target for 2020.
• If this represents a real change in economic policy-making going forward, this would be a good sign that Beijing is ready to let go of a development policy that condemns it to unsustainable increases in debt. It is more likely, however, that Beijing has failed to provide a GDP growth target simply because there is still too high a level of uncertainty concerning the full economic impact of Covid-19.
• In that case as the confusion clears, Beijing will most likely set itself an implicit growth target which it will expect local governments to reach.

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