Chinese Premier Li Keqiang (Image: Wikimedia)

While all eyes have been on China's new security laws for Hong Kong, something has gone by relatively unnoticed. Chinese Premier Li Keqiang has decided to set no GDP (growth) targets for the first time since 1994.

The targets are usually something of mantra for China’s ruling Communist Party (CCP) -- a neat summary of the country’s ever-increasing prosperity. They have also underpinned Australia's economy.

COVID-19, of course, caused the CCP to dramatically lock down China. This shut down an already slowing economy, further buffeted by the trade war with the US. As the virus spread across the globe, the already precarious global economy has also been smashed.