Global uncertainty

Though the COVID-19 pandemic has been broadly brought under control in China, it continues to spread globally, intensifying economic uncertainty.

The International Monetary Fund is likely to revise downward its previous forecast of a 3 percent contraction in global GDP this year, which would have already signaled the deepest downturn since the Great Depression in the 1930s, Reuters reported.

Liu Zhiqin, a senior researcher with the Chongyang Institute for Financial Studies at Renmin University of China, said that amid unprecedented uncertainty, the government's decision to abandon a GDP growth target will give policymakers more flexibility to respond to rapid changes in the situation.

A raft of development goals outlined in the Government Work Report will replace the GDP target to anchor market expectations and help guide more resources into high-quality development that stresses improvements in living standards, Liu said.

According to the report, the government will pursue targets related to eight major aspects of economic and social development－such as employment, price levels, foreign trade, personal incomes, poverty elimination and the prevention of financial risks－in line with the requirements of ensuring security in the "six areas".