Highlights of Chinese government work report for 2015

BEIJING -- Following are highlights of the Chinese government work report distributed Thursday morning to the press ahead of the annual session of the National People's Congress.

Increase GDP by approximately 7 percent

China targeted economic growth of approximately 7 percent in 2015, lower than the goal of around 7.5 percent in 2014.

Keep increase in CPI at around 3 percent

China aims to hold this year's rise in the consumer price index (CPI) at around 3 percent.

The goal is lower than the target of around 3.5 percent in 2014. The CPI, a main gauge of inflation pressure, rose 2 percent in 2014 year on year.

Create over 10 million jobs in urban areas

China aims to create more than 10 million urban jobs and ensure that the registered urban unemployment rate does not rise above 4.5 percent in 2015.

Increase imports and exports by around 6 percent

China aims to increase its imports and exports by around 6 percent.

The growth rate is lower than the target of around 7.5 percent set last year. Hit by waning global market demand, China's imports and exports rose by a mere 2.3 percent in 2014.

Cut energy intensity by 3.1 percent

Continue to implement proactive fiscal policy and prudent monetary policy

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

Proactive fiscal policy must sustain the momentum of economic growth and increase economic returns, monetary policy must be prudent and balanced.

China raises budget deficit-to-GDP to 2.3 percent

China will raise its budget deficit to 2.3 percent of gross domestic product (GDP) for 2015, up from last year's target of 2.1 percent.

Annual government budget deficit is projected to be 1.62 trillion yuan.

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

China's broad money supply (M2), which covers cash in circulation and all deposits, is forecast to grow by around 12 percent in 2015.

The M2 growth rate is lower than the set target of around 13 percent for last year.

China to invest 1.6 trillion yuan in railway, water projects

China will invest over 800 billion yuan ($130 billion) in railway construction this year, and meanwhile, the investment in the major water conservancy projects under construction will exceed 800 billion yuan.

China to reduce foreign investment restrictions

China will halve the number of industries in which foreign investment is restricted.