China will keep its economic growth within a reasonable range and achieve this year's growth target despite challenges, the state-run Xinhua news agency said on Tuesday, amid an intensifying trade war with the United States.

The world's second-largest economy has already felt the pinch from Beijing's multiyear deleveraging drive that has driven up corporate borrowing costs and delayed government projects.

"We must do a good job in stabilizing employment, finance, foreign trade and investment, and expectations," Xinhua said, citing a statement released after a meeting of the Politburo, a top decision-making body of the ruling Communist Party.