China ditches its annual growth target for the first time as coronavirus hammers the world's 2nd largest economy

REUTERS/Wang Zhao/Pool

• China ditched its annual growth projection for the first time in decades in a rare move that shows the true scale of the coronavirus economic impact.
• Every year China sets a formal target for GDP growth, usually around 6%, and generally meets it.
• However, the uncertainty caused by the coronavirus led to its scrapping.
• "Our country will face certain factors that are difficult to predict in its development," Li Keqiang, the Chinese premier and President Xi Jinping's number two, said.
• Analysts say China's timing could not be worse in both ditching its GDP target and establishing a new national security law on Hong Kong, amid escalating US-China tensions and increased calls for investigation into the origins of COVID-19.
• Visit Business Insider's homepage for more stories.

China has scrapped its customary growth target for 2020, the latest sign of how the coronavirus pandemic has ravaged the world's second-largest economy.

"I would like to emphasize that we have not set a specific target for economic growth this year," said Chinese Premier Li Keqiang in his annual policy address at the National People's Congress session on Friday in Beijing.

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