China's National People's Congress lowers 2017 GDP growth target to 6.5 pct, a 25-year low

China lowered its 2017 GDP growth target to 6.5 percent during the National People’s Congress, down from a target range of 6.5-7 percent for 2016. At 6.5 percent, China's 2017 GDP growth target is lowest in 25 years.

China also lowered its total social financing growth target to 12 percent in 2017 from 13 percent last year. In addition, China’s fixed asset investment growth was lowered to 9 percent, down from 10.5 percent in 2016.

China's debt pile amounted to over 270 percent of GDP at the end of 2016. China is now aiming to rein in debt for financial stability. Beijing kept its budget deficit target unchanged at 3 percent. China raised its budget deficit target last year to stimulate growth, helping support a mini-boom in industrial metals.

Defending his move to fix the 6.5 percent target, Li said that it was important for China to maintain steady growth to ensure employment and improve people's lives. Li warned of a far more complicated global picture ahead with China facing the threat of growing protectionism.