The goal was kept unchanged even though the economy grew 6.9% last year, exceeding the government’s target.

Sources previously told Reuters that China will maintain its growth target at “around 6.5%” this year as it seeks to reduce financial system risks while keeping the world’s second-largest economy stable.

China also set its consumer price index at “around 3 percent” compared with 3% last year, as widely expected.

But it trimmed its budget deficit target to 2.6 percent of gross domestic product from 3% in 2017. Most analysts had expected the 2017 target would be largely maintained or come in slightly lower.

Li also said he expects reasonable growth in broad M2 money supply and total social financing this year, without stating a target.

Stability will be the watchword this year as President Xi Jinping pursues his vision of turning China into a “modestly prosperous” nation by 2020 and into a “strong power” on the world stage by 2050.

Ahead of the meeting of the National People’s Congress (NPC) this year, authorities have stepped up a crackdown on big-spending conglomerates, after a year of financial deleveraging that has targeted risky shadow financing and curbing corporate debt.

The NPC, which will end on March 20, is expected to approve the restructuring of various government departments and the appointment of several key officials including a vice president, vice premiers and a new central bank governor.