For those worried about the domino effects of a slowing Chinese economy, Premier Li Keqiang's report on government work may be a mixed blessing.

By lowering its 2015 growth target to "around 7 percent", the government has apparently given in to the intensifying downward pressures. Which may seem particularly unsettling alongside last year's 7.4 percent, already a 24-year low.

As Li acknowledged in Thursday's report to the National People's Congress, economy-wise, the country may face even greater difficulties this year than in 2014.