BEIJING (Reuters) - China dropped its annual growth target for the first time on Friday and pledged more government spending as the COVID-19 pandemic hammers the world's second-biggest economy, setting a sombre tone to this year's meeting of parliament.The economy shrank 6.8% in the first quarter, the first contraction in decades, hit by the outbreak of the new coronavirus, which started in the central Chinese city of Wuhan.FURTHER FISCAL, MONETARY STIMULUSChina is targeting a 2020 budget deficit of at least 3.6% of GDP, above last year's 2.8%, and fixed the quota on local-government special bond issuance at 3.75 trillion yuan ($527 billion), up from 2.15 trillion yuan, according to Li.
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