China sets 7.5% growth target for 2014

China has fixed a target of 7.5 per cent growth for 2014 as it aims to steady its economy amid a slowdown.

Premier Li Keqiang laid out widely expected targets for national economic growth and inflation, which he plans to rise 3.5 per cent, in his first appearance the National People's Congress (NPC), China's annual parliamentary session.

China is looking to stabilise its economy after suffering slowing gross domestic product growth due to a slowdown at home and in key markets. The economy grew by 7.7 per cent in 2013 and by a similar rate in 2012.

Li said the Chinese government aims to tackle fears of a property bubble created by the growth of property investment in the Asian nation.

The government is also working towards increasing personal incomes.

The NPC hosts 3,000 legislators from delegations across China and runs for 10 days.

Additional reporting agencies