China set a lower growth target for this year as the government prepares to trim the heavy debt build-up and ensure financial stability.
The government aims to achieve about 6.5 percent economic growth in 2017, Premier Li Keqiang told the National People's Congress in Beijing on Sunday.
The Chinese economy grew 6.7 percent in 2016, exceeding the 6.5-7 percent expansion the government had targeted. The economy has continued its slowdown as the administration tries to shift the reliance from exports to consumption.
Li said the 2017 growth target is in line with the aim to create a 'moderately prosperous society'.
The government sees about 3 percent inflation this year, unchanged from the previous year, according to the work report delivered to the annual session of the legislature.
M2 growth outlook for this year was downgraded to around 12 percent from 13 percent in 2016. The budget deficit target was retained at 3 percent of GDP.
China plans to create more than 11 million new jobs in 2017.
The work report also gave thrust to cutting excessive industrial capacity, reducing housing inventories and de-leveraging.
The government should step up reforms in key areas address risks related to non-performing assets, bond defaults, shadow banking and internet finance, Li said.
Further, Li said the yuan exchange rate will be further liberalized.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.