China has cut its annual economic growth target to a range of 4.5%-5%, the lowest expansion goal since 1991 as it grapples with challenges both at home and abroad, BBC reported. 

It is the first time the target has been lowered since it was cut to "around 5%" in 2023. A target was not set in 2020 due to uncertainties caused by the pandemic.

The announcement was made during China's biggest political gathering, known as the "two sessions", alongside some details of the 15th Five Year Plan for the world's second largest economy were released, according to BBC.