Beijing has announced a target for economic growth of about 6.5 percent this year.

The target for gross domestic product was announced by Premier Li Keqiang at the opening meeting of the annual session of the Chinese National People’s Congress yesterday.

The growth target was in alignment with economic principles and realities, and would help stabilise market expectations and facilitate structural adjustments in the Mainland, Xinhua quoted Mr Li as saying.

The government-run news agency says 6.5 percent was lower than last year’s target range of 6.5 percent to 7 percent, and was the lowest since 1992’s 6-percent target.

Mr Li says steady growth was needed to ensure employment and to improve people’s lives.

The Mainland economy grew by 6.7 percent last year.