My Daily Routine (MD Mujeeb Subhan)

For the first time in nearly 30 years China has abandoned setting a growth target for its economy. That's not good news for an Australian economy over-exposed to China's fortunes but it is even worse news for China and its global leadership aspirations. China's Premier, Li Keqiang, in an address to the National People's Congress on Friday, cited the pandemic and the "economic and trade situation" for the absence of a specific target for economic growth. Chinese President Xi Jinping has had to deal with a trade war with the US along with a crippling pandemic. CREDIT: EVAN VUCCI After claiming growth of 6.1 per cent last year, China experienced a 6.8 per cent plunge in the economy in the March quarter during the worst effects of the virus' outbreak in Wuhan. While there was a rebound in industrial activity in April as the lockdowns ended – industrial output grew by 3.9 per cent – and coal consumption returned to more normal levels – retail sales ...