The 3rd session of 12th National People's Congress (NPC), China's national legislature, opens its annual session at the Great Hall of the People in Beijing, March 5, 2015. [Photo/Xinhua]

Premier Li Keqiang delivers his government work report when the 12th National People's Congress opens its annual session on Thursday.

Highlights of government work report

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.  

Economic Data

-- Increase GDP by approximately 7 percent

-- Keep increase in CPI at around 3 percent

-- Create over 10 million jobs in urban areas

-- Ensure registered urban unemployment rate not to exceed 4.5 percent

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

-- Increase imports and exports by around 6 percent 

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 press 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 press conferences, including the one given by Li at the end of the session.