Investing.com - China cut its economic growth target for 2016 to a range of 6.5% and above compared to the just shy of 7% figure reached in 2015 and warned that this year's economic difficulties may be worse.
Premier Li Keqiang told delegates at the opening session of this year's National People's Congress that the government aims to keep consumer price inflation at around 3% this year, flat to the target of around 3% in 2015, with prices coming in about half that level.
"The Chinese economy will face more and tougher problems and challenges in 2016 and the government must be prepared to fight a difficult battle," Li told delegates attending the annual National People's Congress in his government work report on Saturday.
The Chinese economy grew 6.9% last year, within the official target of "around 7%", the weakest expansion in a quarter of a century.
Li repeated that Beijing will continue with proactive fiscal policy and prudent monetary policy and to keep yuan stable at an appropriate and balanced level.