The Kansas City Head Coach addressed the media about the accident involving his son, leaving a 5-year-old in critical condition.
The Kansas City Head Coach addressed the media about the accident involving his son, leaving a 5-year-old in critical condition.
(Bloomberg) -- Oil rallied toward $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.The surprise decision spurred a wave of crude price forecast upgrades by major banks. West Texas Intermediate edged higher in Asia, building on Thursday’s 4.2% surge to the highest close since April 2019. The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut.See also: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCrude has soared this year, shepherded higher by OPEC+ restraining supplies and the vaccine-aided recovery in consumption that’s drained inventories. The group’s decision represents a victory for Riyadh, which has advocated for restraints to keep prices supported. However, the rally could spur drilling activity by U.S. shale explorers, and stoke global inflationary pressures.The Organization of Petroleum Exporting Countries and its allies including Russia had been debating whether to restore as much as 1.5 million barrels a day of output. As part of the agreement, which was struck at a virtual meeting on Thursday, Russia and Kazakhstan were granted exemptions. The group’s next meeting is set for April 1 to discuss production levels for May.“Crude’s spike was a knee-jerk reaction to a shocking OPEC+ decision,” said Vandana Hari, founder of Vanda Insights in Singapore. Saudi Arabia’s optimism over U.S. shale remaining subdued appears plausible for the time being, but “the kingdom might be pushing its luck if it pursues the hawkish path for too long,” she said.Oil’s rapid gains stand to intensify the global debate about the potential resurgence in inflation, and complicate the task facing the Federal Reserve as it seeks to sustain the U.S. recovery. The Treasury market is already on edge for signs of faster price gains, with benchmark yields rising rapidly.Goldman Sachs Group Inc. raised its Brent forecasts by $5 a barrel and now see the global crude benchmark at $80 in the third quarter. JPMorgan Chase & Co. increased its Brent projection by $2 to $3 a barrel and Australia & New Zealand Banking Group Ltd. boosted its three-month target to $70. Citigroup Inc. said crude prices could top $70 before the end of this month.Oil rising to these levels will likely increase strains within OPEC+ as some members will want to pump more to relieve under-pressure economies, Citi said in a note. Top importers such as China and India would also not be happy and the alliance is likely to change course at its next meeting, it said.The lack of fresh supply was reflected in oil’s futures curve. Brent’s prompt timespread widened to 59 cents in backwardation, a bullish structure where near-dated prices are higher than later-dated ones, from 54 cents Thursday.More evidence of the demand recovery continued to emerge, especially in Asia. Gasoline and diesel consumption in China has extended its run above pre-virus levels this year after the faster-than-expected return of factory activity and infrastructure building following the Lunar New Year holiday.In addition to the fallout from the OPEC+ shock, investors will also look to commentary on Friday from China’s National People’s Congress, the nation’s biggest political meeting of the year. The gathering carries added significance this year with the Communist Party’s unveiling of its new five-year plan.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The Bank of Japan’s stock continued its head-scratching surge on Friday, rising for a fifth straight session.While the gains were smaller than the limit-up rallies in the previous four days, the stock has now doubled in value over the course of this week, even as the benchmark Topix index is little changed.The jump in the shares, or subscription certificates as the BOJ refers to them, has baffled market participants. While the BOJ is unusual in being a listed central bank, the stock pays a tiny dividend and holds no voting rights. In fact, the central bank doesn’t even hold shareholders’ meetings. The stock traded at an all-time low just in January.Usually little noticed or commented on, the central bank’s stock became a topic of conversation in parliament on Friday, where BOJ Governor Haruhiko Kuroda was delivering his semi-annual report on currency and monetary control. “The Bank of Japan’s subscription certificates are completely different from the normal shares of listed companies,” Kuroda said in response to a question about the long-term decline in the stock price during his term, prior to this week’s rally. Unlike a normal stock, he said, the share price doesn’t reflect profits or the state of its balance sheet. “The price is not the responsibility of the bank.”Trading volume on Thursday rose to the highest on record, according to data compiled by Bloomberg, though the 11,600 shares exchanging hands is minuscule compared to most other listed companies in Tokyo. Volume on Friday stood at around 75% of that amount after less than 90 minutes of trading.Speculative MovesWhile technically a listed entity on the Tokyo Stock Exchange’s Jasdaq, the nature of the stock and its speculative moves are a long-standing mystery of Japan’s financial markets. A speculative surge was also witnessed in late 2012 and early 2013, when optimism over the Abenomics program of former Prime Minister Shinzo Abe was at its peak.The government holds a 55% stake, while individual investors have 40%. The subscription certificates can’t be bought at online securities firms, as they weren’t subject to the 2009 digitalization of traditional paper stock certificates. It’s the only issue for which Japan Securities Clearing Corp., the entity that clears transactions for all equities in the country, still requires physical delivery of paper certificates, which remain valid even now.The puzzling rally comes after the Nikkei 225 Stock Average briefly touched its highest levels since the bubble era of the 1980s. In those days, when the benchmark traded at around 70 times earnings, some investors collected BOJ’s stock, framing their certificates as a collectible. They were then worth 745,000 yen ($6,945) apiece -- around 13 times their current value -- despite the recent surge.The gains have come ahead of a closely-watched policy review by the central bank on March 19, which may lead to changes in how it buys exchange-traded funds -- because as well as being listed, the BOJ is itself the largest single owner of Japanese shares.(Updates with Kuroda comment, Friday’s moves)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Shalanda Young, President Joe Biden's nominee to be his deputy budget director who has emerged as the top contender for budget director after the nomination of Neera Tanden was withdrawn, won praise from Republican lawmakers on Thursday for her ability to work across the political aisle. "These days wide bipartisan support is rare, but when Senators Graham, Leahy, Sanders and Shelby agree, either we're in a some sort of weird space-time continuum or the nominee is exceptionally capable," said Republican Senator Bill Cassidy, referring to fellow Republicans Lindsey Graham and Richard Shelby and Democrats Patrick Leahy and Bernie Sander.
The lingerie brand has compiled a list of the sexiest states and cities in Australia based on the number of adult toys purchased. See the results.
VRM earnings call for the period ending December 31, 2020.
CRH earnings call for the period ending December 31, 2020.
This is Christian Hogg, CEO of HUTCHMED. On the line I also have Dr. Wei-guo Su, our Chief Scientific Officer and Head of Research and Development; I have Johnny Cheng, our Chief Financial Officer; and I have Dr. Marek Kania, our Chief Medical Officer in the U.S. and Head of our International operations.
Gibbs Law Group investigates potential legal claims on behalf of XL Fleet Corp. investors.
Australia must not "squander" the good management of the COVID-19 pandemic, homegrown tech giant Atlassian has told a parliamentary inquiry."We have never been a more attractive place for talented individuals to want to move to," director of global public policy David Masters told the financial and regulatory technology committee hearing on Friday.
(Bloomberg) -- Saudi Arabia just made a high-stakes wager that the glory days of U.S. shale, which transformed the global energy map in the last decade, are never coming back.By keeping a tight grip on supply at Thursday’s meeting of the OPEC+ alliance of oil producers, Saudi energy minister Prince Abdulaziz bin Salman showed he’s focused on boosting prices -- and confident that this time around it won’t encourage American producers to surge back and steal market share.“Drill, baby, drill is gone for ever,” said Prince Abdulaziz, who’s orchestrated the revival of the oil market after last year’s catastrophic collapse.His swagger comes mixed with a good dose of diplomatic tension: Russia, Saudi Arabia’s most important OPEC+ partner, has tried to convince Riyadh for several months to increase output, fearing that rising oil prices would ultimately awaken rival shale producers. The Saudis are certain the American industry has reformed itself.If the prince is right, OPEC+ will be able to both push prices higher now and recover market share later without worrying rivals in Texas, Oklahoma and North Dakota will flood the market. But if Riyadh has miscalculated -- and it’s got shale wrong before -- the danger will be lower prices and production down the line.The Saudis have so far convinced their allies the strategy will work. After a quick virtual meeting on Thursday, OPEC+ agreed to prolong its production cuts, defying expectations of an output hike. Russia, however, secured an exemption for itself and Kazakhstan, and will increase output marginally in April.Brent crude jumped 5% to a one-year high of nearly $68 a barrel after the decision. Front-month futures extended gains on Friday and a raft of banks updated their price forecasts, including Goldman Sachs Group Inc., which increased its estimates by $5 -- to $75 next quarter and $80 in the following three months.”This is an incredibly bold move on the part of OPEC+ to extend the oil price rally,” said KPMG Global Energy Sector Leader Regina Mayor.If history is a guide, however, trouble may be brewing. The OPEC+ coalition, which groups Saudi Arabia, Russia and nearly two other dozen oil producers, has in the past underestimated its American rivals, who year after year produced more than most expected. From a low point of less than 7 million barrels a day in 2007, the U.S.’s total petroleum output more than doubled to hit an all-time high of nearly 18 million barrels a day by early 2020, forcing the cartel to cede market share.“It’s a risky bet,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “Shale may not be able to respond immediately this year, but 2022 will be different. Higher prices throws them a lifeline.”For now, U.S. total oil output remains constrained, hovering at 16 million barrels due to the impact of last year’s slump, which briefly saw benchmark prices trade below zero.Under pressure from shareholders, shale producers have promised restraint, putting profits before the growth they relentlessly pursued during the boom years. Although drilling has risen from the lows of 2020, it’s well below previous levels. In addition, President Joe Biden is trying to temper the worst excesses of the industry, including the indiscriminate natural gas flaring that’s a byproduct of shale’s success.Under a different oil minister, Saudi Arabia attacked shale producers in 2014 and 2015, flooding the market and forcing prices lower -- a strategy that ultimately failed. Prince Abdulaziz is doing the opposite, because oil higher prices will eventually benefit shale producers. Yet, he’s convinced the industry won’t repeat its pasts excesses.“Shale companies are now more focused on dividends,” Prince Abdulaziz told Bloomberg News in an interview after the OPEC+ meeting, saying that the kingdom wished the American industry well. “We’ve never had any issue with shale oil. It’s the shale companies which are themselves changing. They have had their fair share of adventure and now they are listening to the call of their shareholders.”Shale executives agree with him -- at least for now.“A couple years ago it was ‘drill, baby, drill,”’ John Hess, the head of Hess Corp., said in Houston earlier this week. “Now, it’s ‘show me the money.’”Ryan Lance, the chief executive officer of ConocoPhillips, echoed the sentiment: “I hope there’s discipline in the system. The worst thing that can happen right now is U.S. producers start growing rapidly again.”As the industry cuts spending to pay shareholders fatter dividends, there’s not much left to finance increased production. Even Big Oil is scaling its ambitions in shale. Exxon Mobil Corp. had been running 55 oil rigs in the Permian basin that straddles West Texas and south-east New Mexico, part of an effort to boost output to 1 million barrels a day by 2025. After tightening its belt, the U.S. oil giant is running just ten rigs, and has cut its 2025 output target by nearly a third to 700,000 barrels a day.Yet, there are also signs that higher oil prices may ultimately re-activate the U.S. shale industry. With benchmark West Texas Intermediate now changing hands above $60 a barrel, some companies believe they may be able to both growth and keep shareholders happy. EOG Resources Inc., the largest producer in the Permian, has announced a big spending increase for next year. And others are following suit.But the reaction of the stock market made Prince Abdulaziz’s case: investors punished EOG for spending more on drilling, marking down its shares relative to more disciplined rivals.(Updates with Goldman forecasts in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The two All-Stars on the team with the NBA's best record got taken last.
(Bloomberg) -- Japan recommended extending its virus state of emergency by two weeks for the Tokyo region set to expire Sunday to prevent a fresh wave of infections as the nation prepares to host the Olympic games in July. China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support with prudent monetary policy as a recovery takes hold. A shipment of 250,000 doses of AstraZeneca Plc’s vaccine that were destined for Australia was blocked by Italy under a new European Union regulation. The head of the world’s biggest vaccine maker and the World Health Organization’s chief scientist said manufacturers of virus shots face a global shortage of raw materials.More than a dozen U.S. states reported increases in hospitalizations for the coronavirus, threatening to reverse a national trend that has pushed in-patient numbers to the lowest level since the fall as social restrictions are being loosened across the country. Key Developments:Global Tracker: Cases pass 115.5 million; deaths exceed 2.5 millionVaccine Tracker: More than 279 million shots given worldwideU.S. Spotlight: Hospitalizations in New York remain the nation’s highestInside Pfizer’s fast, fraught and lucrative vaccine distributionVaccinated workers get more office benefits than holdoutsWhere we are in hunting for Covid-19’s originSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on cases and deaths.China Sets Growth Target Above 6% (9:12 a.m. HK) China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support with prudent monetary policy.The government will narrow the budget deficit to 3.2% of gross domestic product this year from 3.6% in 2020, Premier Li Keqiang said Friday at the opening of the National People’s Congress.U.S. Hospitalizations Threaten Rebound (9:08 a.m. HK) More than a dozen U.S. states reported increases in hospitalizations for the coronavirus, threatening to reverse a national trend that’s pushed in-patient numbers to the lowest level since the fall.U.S. hospitals were treating 49,519 patients as of Thursday, data from the Department of Health and Human Services show. The tally fell 3.8% since March 1 after California reported 544 fewer cases and Texas recorded a decline of 391. Hospitalizations are down 62% from a peak of 131,637 in mid-January, though the pace of the reduction appears to be slowing.Michigan had 945 hospitalizations Thursday, an increase of 13% over the past three days. Cases jumped 4.9% to 2,075 in Pennsylvania. New Jersey, Massachusetts, Connecticut, Rhode Island, Virginia, Tennessee, Utah, South Dakota, Montana, New Mexico, Nebraska, Idaho and Wyoming also recorded an increase in in-patients.Covid cases make up 12% of hospital patients in New York and Georgia, the highest proportion among U.S. states.Group Calls for Independent Virus Probe (9:05 a.m. HK)A group of scientists called for an independent probe to consider all hypotheses and nail down whether the virus came from an animal amid controversy over the investigation organized by the World Health Organization and China.More than 20 signatories said in an open letter published by the Wall Street Journal that the mission isn’t independent enough as the WHO considered delaying an interim report.Indonesia Holds Phase-3 Trial for China Vaccine (8:32 a.m. HK)A trial on the Covid-19 vaccine produced by China’s Anhui Zhifei Longkema Biological Pharmaceutical will enroll as many as 4,000 participants in Bandung and Jakarta, CNN Indonesia reports.Approval for an emergency use of the vaccine is expected in September, CNN reports.Wells Fargo Offers Vaccine Time Off (7:02 a.m. HK)Wells Fargo & Co., which has the largest workforce among U.S. banks, is encouraging employees to get vaccinated against Covid-19 and is offering paid time off for the inoculations.The firm will offer up to eight hours paid time off for employees across the world to get vaccinated, according to an internal memo reviewed by Bloomberg. The San Francisco-based bank is expanding a testing program, offering the service free to workers at its 25 largest locations, and those who work at other facilities can request an at-home test.Tokyo Plans to Extend Emergency (6:20 a.m. HK)The Japanese government recommended to extend by two weeks its virus state of emergency for the Tokyo region set to expire Sunday, trying to maintain a declining trend in infections as it looks to host the Olympics in about four months.The move was announced early Friday by the government’s point man for virus management, Economy Minister Yasutoshi Nishimura. It came after Prime Minister Yoshihide Suga strongly indicated Wednesday that he was looking to extend the nearly two-month measure, saying it was “an extremely important time for preventing infections.”Connecticut to Relax Restrictions (5:05 p.m. NY)Connecticut will end capacity limits for restaurants, offices, places of worship and businesses from gyms to stores on March 19, though bars must remain closed, Governor Ned Lamont said.Citing a decline in cases and vaccination rates “among the highest in the nation,” he contrasted his approach with two U.S. states that have reopened more aggressively and pleaded with residents to keep wearing face coverings in public.“This is not Texas. This is not Mississippi,” he told a news briefing on Thursday. Still, he said, “It feels good that we’re able to do this.”Capacity limits for private and public gatherings will be revised, allowing as many as 25 people at private events indoors, and “all sports will be allowed to practice and compete,” according to a statement.Pfizer Plant Cited for Quality Issues (4:59 p.m. NY)The factory that Pfizer Inc. plans to use to boost production of its Covid-19 vaccine for the massive U.S. inoculation effort was cited by federal inspectors last year for repeated quality-control violations.Food and Drug Administration inspectors visited the McPherson, Kansas, plant at the end of 2019 into January 2020, according to an inspection report obtained by Bloomberg via a Freedom of Information request. They found the drug giant released medications for sale after failing to thoroughly review quality issues that arose in routine testing, the report shows.College Agrees to End Tuition Suit (2:50 p.m. NY)Southern New Hampshire University has agreed to pay $1.25 million to resolve a class action in federal court by students demanding refunds after the school canceled in-person classes last spring because of the Covid-19 pandemic.The deal appears to be among the first to be reached in a sea of hundreds of lawsuits filed by students against colleges and universities in federal court after Covid-19 disrupted in-person curricula last year.Canada Sees Faster Shot Timeline (2:45 p.m. NY)The Canadian minister in charge of vaccines said it’s “highly likely” the government will be able to move up its target date of September for inoculating every citizen who wants a Covid-19 shot.Procurement Minister Anita Anand said Thursday in an interview that more people could get their jabs at a faster pace as the delivery of doses ramps up.Canada had administered 5.5 doses of vaccine per 100 people as of Wednesday, according to Bloomberg’s vaccine tracker, putting it last among all Group of Seven nations except Japan. The U.K. and U.S. have given 32.3 and 24.3 doses per 100 of their citizens, respectively.France Tightens Restrictions (1:20 p.m. NY)France plans to tighten restrictions and accelerate vaccinations in parts of the country as the government continues to shy away from a third nationwide lockdown on hopes that improvement is just weeks away.The Pas-de-Calais department on the northern coast of France will be put under a weekend lockdown as of Saturday, French Prime Minister Jean Castex said at a weekly news conference. “A lockdown, even limited to the weekend, is a heavy measure,” he said.Ireland Reports Stillbirths (1:18 p.m. NY)Irish authorities have identified four cases of stillbirth caused by Covid placentitis, a virus-related condition that leads to inflammation of the placenta, deputy chief medical officer, Ronan Glynn said. While the findings are preliminary, the nation’s health service has been informed and is monitoring the situation, he said. Ireland reported 462 more cases on Thursday, with 39 deaths.Kuwait Imposes Curfew (12:53 p.m. NY)Kuwait has imposed a partial curfew as daily cases jumped to the highest on record. The curfew comes into force from March 7 between 5 a.m. and 5 p.m. for a month, the Council of Ministers said in a statement. The Gulf nation reported 1,716 new cases on Thursday, taking the total to 196,497 with 1,105 deaths.Alabama to Lift Mask Rule in April (12:46 p.m. NY)Governor Kay Ivey said she’ll let Alabama’s mask mandate expire on April 9, as she announced immediate easing of other restrictions.“Folks, we’re not there yet, but we’re getting close,” she tweeted. She said the mask mandate has been “in place for more than a generous amount of time because it has helped.” She said businesses that wish to continue requiring masks will have until then to devise policies.This week, Texas and neighboring Mississippi said they were ending their mask mandates.NYC Gets First J&J Vaccine Shots (11:05 a.m. NY)New York City has received 16,300 Johnson & Johnson vaccine doses, its first delivery of the one-shot vaccine, Mayor Bill de Blasio said. The city will use the J&J shots to begin vaccinating home-bound seniors, the mayor said in a Thursday briefing.De Blasio said when he becomes eligible to get the vaccine, he hopes to get the J&J shot. The city surpassed 2 million vaccinations this week and the city’s health commissioner has said vaccines may be available to all residents by late April.Zimbabwe Approves Indian Vaccine (11:02 a.m. NY)Zimbabwe has become the first African country to authorize the use of India’s only homegrown coronavirus vaccine, which the developers this week said showed strong efficacy.The first batch of Covaxin, which was co-developed by Hyderabad-based Bharat Biotech International Ltd. and the Indian Council of Medical Research, is due to arrive shortly, the Indian Embassy in the southern African nation said on its Twitter account.Germany, Sweden Clear Astra Shot for Elderly (7:44 a.m. NY)Germany has joined countries widening guidelines for AstraZeneca’s vaccine, based on incoming data that support giving the shot to the elderly.Germany’s immunization commission is recommending the vaccine for people age 65 and older, Health Minister Jens Spahn said in an emailed statement. That expands on a ruling that initially limited it to adults between the ages of 18 and 64.Sweden has lifted its recommendation against using AstraZeneca’s vaccine for people older than 65, Public Health Agency Official Sara Byfors told reporters.Milan Tightens Curbs (6:42 a.m. NY)Almost one year after Milan became the first European region to enter into a hard lockdown, the Italian financial capital is again facing major restrictions.All schools will be closed until March 14 and no person will be able to leave town if not for business and health reasons. Milan citizens won’t be allowed to reach their holiday houses, with bars and restaurants remaining closed while shops can stay open.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Here's what you've been getting wrong about meditation.
Dozens lined up for shots at a COVID-19 vaccination site in a hard-hit East Los Angeles community as California prepares to set aside 40% of all doses for people who live in the most vulnerable neighborhoods. (March 4)
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E By Kevin Buckland TOKYO, March 5 (Reuters) - The dollar held firmly near three-month highs on Friday after surging overnight as Federal Reserve Chair Jerome Powell stuck with dovish rhetoric despite a recent spike in bond market volatility. The U.S. currency soared the most in a month after Powell said the violent sell-off in Treasuries last week was "notable and caught my attention" but was not "disorderly" or likely to push long-term rates so high the Fed might have to intervene more forcefully. Powell's remarks reignited selling in Treasuries, with the benchmark 10-year Treasury yield jumping back above 1.5% and rising as high as 1.5830% in Asia.
Lucas Hamilton will be given the chance to shine while compatriot Michael Matthews is chasing stage wins at the Paris-Nice in his return to Australia's only WorldTour cycling team.But the Team BikeExchange pair may be foiled by one of their own as Richie Porte, Rohan Dennis (Ineos Grenadiers) and Jai Hindley (Team DSM) shape as legitimate threats in the hilly eight-day slog that serves as the traditional lead-in to Europe's stage-race season.
The dogs were rescued from a facility where one million dogs were killed over 25 years. Source: Four Paws
Elections for Hong Kong's legislature will likely be deferred for a second year to September 2022 as Beijing plans a major overhaul of the city's electoral system, the South China Morning Post reported on Friday, citing unnamed sources. The delay, if confirmed, would be in line with a new effort by Beijing to ensure "patriots" are in charge of the global financial hub, potentially the biggest blow to the city's democratic hopes since its handover from British rule in 1997. Zhang Yesui, a spokesman for the National People's Congress, said on Thursday it had the constitutional power to "improve" Hong Kong's system and a draft decision would be discussed during the annual parliamentary session which opens on Friday.
Shares of Lemonade (NYSE: LMND) fell 7% on Thursday, extending the sharp decline in the artificial intelligence (AI)-powered insurance company's stock price since its fourth-quarter earnings report on Monday. Lemonade's customer count jumped 56% year over year to more than 1 million. Together, this helped to fuel an 87% surge in Lemonade's in force premium (IFP) -- essentially, the aggregate annualized premiums paid by customers with active insurance policies -- to $213 million.
(Bloomberg) -- China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support with prudent monetary policy.The government will narrow the budget deficit to 3.2% of gross domestic product this year from 3.6% in 2020, Premier Li Keqiang said Friday at the opening of the National People’s Congress.“In 2021, China will continue to face many development risks and challenges, but the economic fundamentals that will sustain long-term growth remain unchanged,” said Li.Other key highlights of the government’s work report:3.65 trillion yuan ($564 billion) of local government bond sales planned for 2021CPI target set at about 3%Monetary policy to be prudent; fiscal policy to be proactiveYuan will be kept basically stable at reasonable levelMacro leverage ratio to be kept basically stableUrban jobs target set at more than 11 millionChina’s economy was the only major one in the world to expand last year, aided by the central bank’s injections of liquidity to support businesses, extra fiscal spending on infrastructure and the quick control of coronavirus outbreaks domestically. Economists predict the economy will expand 8.4% this year, partly due to the low base from 2020.Its V-shaped recovery alongside a recession in the U.S. and elsewhere puts it on course to become the world’s largest economy by 2028, two years earlier than expected, according to projections by several banks including Nomura Holdings Inc.What to Watch as China Rolls Out Economic Plan to Overtake U.S.Alongside that recovery has been a build-up in debt and worries about asset bubbles, fueling expectations that policy makers will withdraw the monetary and fiscal stimulus unleashed during the pandemic last year.This year’s meeting of the NPC, China’s main legislature, has added significance because of the release of a new five-year plan covering 2021-2025. Some of the key goals already outlined include strengthening consumer demand, investing in hi-tech industries, and addressing long-term challenges such as an aging population.(Updates with further details in bullet points)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.