George Magnus, a research associate at the University of Oxford China Centre and author of the recent book Red Flags, which looks at the challenges facing China's economy, believes the government will be attempting to perform a balancing act by setting a more modest target.

He said the government would be making it clear that it is no longer going to pump-prime the economy as it did with its 4 trillion yuan stimulus package in the aftermath of the financial crisis or the credit expansion that led to the stock market bubble of 2015.

"A lower growth target will be a sign the government wants to stabilize the economy without necessarily pumping credit into it," he said.

"I think the credit expansion in January might be something of an outlier (statistical outcome) and there would be concerns if it was repeated in February and March."

In addition to the overall macroeconomy, the report is likely to reiterate the government's commitment to State-owned enterprise reform as well as support for the private sector, particularly in regard to the funding available to small and medium-sized businesses.

During a visit to Liaoning province in September, President Xi Jinping said it was wrong to "badmouth" State-owned enterprises, and also stressed the government's "care and support" for the private sector.