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China's military spending is budgeted to grow by around 7 percent to 8 percent in 2016, the slowest in six years, said Fu Ying, spokesperson for the National People's Congress (NPC) annual session on Friday.

Mass innovation and entrepreneurship are boosting the new growth drivers and China will eventually overcome the challenges and move to a higher level of economic development, the premier said.

It also marked the first time in two decades that China adopted a range for its growth target rather than a specific number.

The meeting was also attended by Li Keqiang, Liu Yunshan and Zhang Gaoli, members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and deputy heads of the group.

Together dubbed colloquially as the "two sessions," the dual meetings make regular yet crucial venues where political and economic developments are reviewed and discussed and key policies adopted.