Li Keqiang
China's Premier Li Keqiang (L) shakes hands with Slovenia's Prime Minister Miro Cerar during the 4th Meeting of Heads of Government of China and Central and Eastern European Countries, in Suzhou, China on Nov. 24, 2015. Reuters/Aly Song

China is on track to reach its growth target of 7 percent this year, Chinese Premier Li Keqiang said Tuesday, according to Reuters. Li was reportedly speaking at a summit attended by the leaders of 16 Central and Eastern European countries in the Chinese city of Suzhou.

“The economy was going through adjustments to maintain reasonable medium- to long-term growth” Li said.

China’s growth slowed from 7.7 percent in 2013 to 7.3 percent last year, and to 6.9 percent in the third quarter of this year -- the first time it had dropped below 7 percent in six years. A Bloomberg survey of 16 economists expected the Chinese economy to grow at an annual average pace of 6.5 percent or less between 2016 and 2020.

In October China indicated that it had lowered its growth targets, aiming for a growth of “at least 6.5 percent” over the next five years blaming economic challenges that have seen exports fall and output slow in recent months. To counter the slowdown Beijing undertook a slew of reforms, including slashing benchmark interest rates, devaluing the yuan and lowering deposit requirements for banks. However these measures, until now, have met with limited success.

China is also considering establishing a multilateral financial institution with Central and Eastern European countries, Li said in a speech Tuesday, according to Reuters.