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China axed its annual growth outlook for the first time on Friday. It pledged to render larger volumes of government spending as the coronavirus crisis drags the world’s second-largest economy, bringing a dull mood to this year’s parliament meeting.
China’s economy had recorded a total of 6.8% contraction rate in the first quarter. The decline came to be the country’s first downturn in decades as the virus crisis continues to bring economic disruptions.
This prompted the country to lower its outlook for this year. This is the first time China opted out from setting a specific target for gross domestic product (GDP) since the government started setting outlook back in 1990. More so, Premier Li Kegiang warned about disrupted domestic consumption, slump in investment and external demands, unemployment surge, and financial risks.
Li’s report showed that the country plans to provide 9 million jobs this 2020. The count was heavily curtailed from the initial goal of at least 11 million in 2019. This also came to be the smallest since 2013.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
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