China has cut its growth target to around 6.5 percent for 2017, as Beijing focuses on stability ahead of a sensitive political gathering later this year.

The Chinese economy slowed to a growth rate of 6.7 per cent last year, the lowest since 1990 as Beijing acts to transform its export-driven economy to a more stable, consumer-led model.

Li Keqiang, China’s prime minister, made a prediction of "around 6.5 per cent or higher if possible" in his work report, which was delivered at the annual meeting of China’s parliament, the National People’s Congress (NPC).

Last year he predicted the Chinese economy would grow between 6.5 and 7 per cent.