Faced with the scale of the crisis, the Chinese government has renounced a growth target

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The danger for the regime is not so much the economic crisis, but the breach of a social contract.

President XI Jinping, May 21 in Beijing.
President XI Jinping, May 21 in Beijing. LEO RAMIREZ / AFP

This is a first since 1990. The Communist Party breaks with its tradition of publishing a quantified target for the growth of its GDP. In his annual report to Parliament in which he is used to setting the broad outlines of the country’s economic policy, Premier Li Keqiang said that China’s economic development would be “Affected by a host of factors that are difficult to predict”. “This is mainly due to the high uncertainty linked to the evolution of the epidemic and the economic and commercial situation in the world”he said on Friday to the more than 3,000 deputies and the handful of journalists present at the People’s Assembly.

Inflation targets, + 3.5%, up slightly from last year and unemployment – + 6% – have been maintained. The government also announced that it would drop the budget deficit, which will drop from 2.8% to 3.6% of GDP. A first again. In order to support the recovery

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