In a definitive sign that the world's second largest economy is slowing down, China has slashed its growth target for 2016 to between 6.5 and 7 percent - down from 7 percent.    

The revised growth target was announced by China's Premier Li Keqiang during a speech where he unveiled the country's 13th five-year plan at the opening day of National People's Congress Parliament.

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"In setting a projected growth rate of between 6.5 percent and 7 percent we have taken into consideration the need to finish building a moderately prosperous society in all respects and the need to advance structural reform," Li said.

China would also try to keep consumer inflation at around 3 percent and unemployment within the range of 4.5 percent by creating 10 million new jobs in the coming years, the Premier disclosed.        

The ongoing economic crisis is looming over the National People's Congress Annual Session being held at Beijing's Great Hall of the People, where 3,000 delegates are brainstorming about various economic and social problems confronting China.

Just days before the annual session, China announced that it will soon layoff 1.8 millions steel and coal workers, with sources suggesting that China plans to slash more 5-6 million state workers over next few years.

The Purchasing Managers' Index (PMI) data released this week also depicted a grim picture of the Chinese economy, with factory activity in February shrinking to 49 percent - its fastest contraction rate in 4 years.

Economic experts have cited China's transition from trade and investment to a consumption-based economy as one of the main reasons for the ongoing slowdown in the country's economy.  

TagsChinese Economy, china, china growth rate