China's fears of a financial crisis will spur Beijing to keep the country's growth target in check, a widely followed China expert said Friday.

"Their top priority is to prevent a financial crisis, so the government is looking for any pockets (of risk) that might be a trigger," independent economist Andy Xie told CNBC's "Squawk Box."

Chinese authorities have been cracking down on money fleeing the country and warning on "gray rhinos," which are risks that could potentially be solved but have been unaddressed so far.

"The government does not view growth as the top priority right now — we have to take the government's word at face value. The government is worried about financial risk," Xie added.

China will keep its target for economic growth at "around 6.5 percent" in 2018, unchanged from last year, Reuters reported on Thursday, citing unnamed policy sources.