Premier Li Keqiang delivered his government work report when the 12th National People’s Congress opened its annual session on March 5.

Highlights of government work report:

Lower GDP growth target

China plans to lower the annual GDP growth target to around 7 percent from 7.5 percent, the slowest in 22 years.

Premier Li Keqiang delivers the government work report during the opening meeting of the third session of China’s 12th National People’s Congress (NPC) at the Great Hall of the People in Beijing, March 5, 2015. [Photo/Xinhua]

Proactive fiscal, prudent monetary policies

China will continue to implement proactive fiscal policy and prudent monetary policy in 2015, while noting policy flexibility to sustain economic growth.

Fiscal reform

China will encourage qualified private investors to establish, in accordance with law, small and medium-sized banks and other financial institutions.

The nation will also keep the RMB exchange rate at an appropriate and balanced level and allow it to float more freely.

The Shenzhen-Hong Kong Stock Connect will be launched on a trial basis at an appropriate time.

Agricultural reform

China set the target to reduce the poor rural population by more than 10 million.

“Made in China 2025” strategy

China will develop the “Internet Plus” action plan to integrate the mobile Internet, cloud computing and big data with modern manufacturing.

Key figures for China’s economy in 2015

7%

Increase GDP by approximately 7 percent

3%

Keep increase in CPI at around 3 percent

10 million

Create over 10 million jobs in urban areas

4.5%

Ensure registered urban unemployment rate not to exceed 4.5 percent

6%

Increase imports and exports by around 6 percent

3.1%

Cut energy intensity by 3.1 percent

1.62 trillion yuan

Annual government budget deficit is projected to be 1.62 trillion yuan

2.3%

Deficit to GDP ratio will rise from last year’s 2.1 percent to 2.3 percent

12%

M2 money supply is forecast to grow by around 12 percent, but actual supply may be slightly higher

477.6 billion yuan

The central government will increase its budgetary investment to 477.6 billion yuan

800 billion yuan

Over 800 billion yuan will be invested in railway construction and open over 8,000 km of railways to traffic

800 billion yuan

Over 800 billion yuan will be invested in the major water conservancy projects

7.4 million

Build an additional 7.4 million units of government-subsidized housing

10 million

Reduce the poor rural population by more than 10 million

550 million metric tons

Keep grain output above 550 million metric tons

3.1%

Cut the intensity of carbon dioxide by at least 3.1 percent

3.66 million

Renovate 3.66 million dilapidated rural houses, an increase of 1 million over the renovated last year

Background

The top legislative body has 2,964 deputies, representing China’s 31 provinces, municipalities and autonomous regions as well as Hong Kong, Macao and the military.

Unprecedented attention is expected to be paid this year as the annual economic growth target is widely forecast to be cut to around 7 percent, the lowest in 11 years and down from last year’s goal of 7.5 percent.

Global media will keep a close eye on details of the defense budget after a journalist with Reuters news agency asked a question of spokeswoman Fu Ying during a news conference.

The government report will be under the scrutiny of the lawmakers, who will also hear and deliberate on reports from the Standing Committee, Supreme People’s Court and Supreme People’s Procuratorate.

There will be a number of high-profile news conferences, including the one given by Li at the end of the session.