China's government said it will target 7.5% economic growth this year, in a preview of a speech by Premier Wen Jiabao.
He also set an inflation target of 4%. Last year China's economy grew by 9.2%.
Mr Wen is speaking at the start of an annual meeting of Chinese lawmakers in Beijing, the National People's Congress (NPC).
A slowdown in the US and Europe has affected Chinese exports and weighed on growth.
Chinese leaders have said that economic stability is a priority for the country this year, ahead of its planned change of leadership in the autumn.
"We aim to promote steady and robust economic development, keep prices stable, and guard against financial risks by keeping the total money and credit supply at an appropriate level, and taking a cautious and flexible approach," Wen said in his annual work report to the NPC.
High consumer prices, especially the cost of food, has previously lead to unrest in China.
Inflation rose by 5.4% in 2011, higher than the government target of 4%.
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