China lowered its economic growth target this year to between 6% and 6.5%, bowing to a deepening slowdown that can’t be quickly arrested without aggravating debt levels that are already high. Opening the annual session of China’s legislature on Tuesday, Premier Li Keqiang laid out plans to fend off risks in the economy and keep the nation’s jobless rate steady. Chief among the remedies to prop up growth: increasing deficit spending, launching new tax cuts and other fee reductions for businesses—totaling 2 trillion…