China drops GDP goal, pledges higher spending as parliament starts (Update)

China, world's second-biggest economy, contracted 6.8% in the first quarter from a year earlier, shrinking for the first time in decades. - Xinhua

BEIJING (Reuters): China omitted a 2020 economic growth target for the first time and pledged government support for the economy in Premier Li Keqiang's work report on Friday (May 22), launching the country's annual parliament meeting.

It is the first time that China has not set a target for gross domestic product (GDP) since the government began publishing such goals in 1990.