China set its GDP target at around 5% for another year amid analysts' concerns that it has insufficient policy support to reach its target.
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The Asia-Pacific market was mixed on Friday as investors assessed Indian interest rate decisions and Japanese household expenditure data.
Australian S&P/ASX 200 trade flat.
Japanese Nikkei 225 It fell 0.44%, and Topix traded 0.39% lower. The country's household expenditure in December essentially rose 2.7% year-on-year, sharply beating Reuters' expectations of a 0.2% increase.
South Korea Kospi Although it dropped 0.17%, the small Kosdaq traded mainly on the flatline.
Hong Kong Hangsen index We added 0.6%, but the CSI 300 in mainland China increased by 0.77%.
The Reserve Bank of India has cut its major interest rates for the first time in nearly five years. This is because cooling inflation has room to stimulate a slowdown in the economy.
India's benchmark inventory index is mainly traded by Nifty 50 and Sensex on flatline. The Indian rupee has weakened to an all-time low and is slightly bolstered against the greenback.
The Monetary Policy Committee has decided to trim the repo's rate at 25 basis points, RBI Governor Sanjay Malhotra said in a live-streamed speech on Friday.
The Reserve Bank of India has concluded a policy meeting later that day, which could raise the benchmark report to 6.25% on 25 basis points.
Overnight in the US, the three major averages closed higher. The S&P 500 climbed into its third consecutive session on Thursday as investors weighed the latest batch of corporate revenue.
The broad market index added 6,083.57 to 0.36%, while Nasdaq composites rose 0.51% to 19,791.99. However, the Dow Jones industrial average lost 125.65 points (0.28%) and closed at 44,747.63.
Wall Street is currently awaiting its January employment report. It is scheduled to be released on Friday at 8:30am ET. Voted by Dow Jones, the economist forecasts growth in non-farm payroll of 169,000 people per month, less than the 256,000 jobs added in December.
—CNBC's Lisa Kailai Han and Sean Conlon contributed to this report.
