The Chinese Government has set its economic growth target for the country at “around 7 percent” for 2015. This is the lowest proposed annual growth rate in more than 15 years.

Chinese Premier Li Keqiang announced the target on Thursday in Beijing, when he presented his work report at the annual meeting of the Chinese legislature, the National People’s Congress (NPC).

“While the downward pressure on the [Chinese] economy is intensifying, we have to continue concentrating on [implementing] our strategies and macroeconomic policies,” he told the nearly 3,000 NPC delegates.

“This year is crucial for deepening all-round reforms,” Mr Li noted. “China is the largest developing country in the world… and development is still the key and foundation to resolve all problems.”

This year’s economic growth target came within expectation, after the Chinese economy grew at the slowest pace in 24 years, at 7.4 percent last year.

Mr Li also said China would make better use of foreign investment and reduce by half the number of industries in which foreign investment is restricted.

Other major Government goals for 2015 announced by the Chinese Premier included an inflation rate of around 3 percent, a growth of around 6 percent in foreign trade and an unemployment rate of below 4.5 percent in urban regions.