Editor's Note: Chinese Premier Li Keqiang delivered the government work report during the opening meeting of the second session of the 12th National People's Congress (NPC) at the Great Hall of the People in Beijing, March 5 2014.

The report consists of three parts: Review of Work in 2013, General Work Arrangements for 2014, and Major Tasks for 2014.

The report points out the main targets the government has set for China's economic and social development this year: Increase GDP by about 7.5%, limit the rise in the CPI to around 3.5%, create ten million more urban jobs, ensure that the registered urban unemployment rate does not rise above 4.6%, achieve basic balance in international payments, and increase personal incomes in step with economic development. The government needs to make overall planning for and balance major targets, namely, economic growth, employment, prices and international payments.

As the policy agenda for the first year of the government's comprehensively deepening reform program, the ten numbers in the report provide a useful indicator of the new trends in economic and social development in 2014.

Figure 1: about 7.5%

Original text from the report:

On the basis of careful comparison and repeatedly weighing various factors as well as considering what is necessary and what is possible, we set a growth rate target of around 7.5%.

This target is in keeping with our goal of completing a moderately prosperous society in all respects, and it will boost market confidence and promote economic structural adjustment. More importantly, stable growth ensures employment. We must meet the need to create new urban jobs and be able to provide opportunities for rural migrant workers who come to cities in search of work.

Ultimately, stable growth will ensure that urban and rural incomes increase and people's lives improve. There are many positive factors that will help us to fulfill this year's target for economic growth, but to reach it, we must make arduous efforts.

Comments: Liu Shucheng, Chinese Academy of Social Sciences (CASS) member and deputy director of the Department of Economics, CASS.

China's economy still faces downward pressure in 2014 - it is critical to keep a growth rate target of around 7.5% to stabilize social expectations. If we cut the economic growth target, investment and consumption will be affected, which would not be conductive to increasing investment in technological transformation and innovation, nor to improving standards of living and expanding consumption. Nor would it match with the ultimate goal of comprehensive deepening reform. If foreign demand improves, domestic demand ought to be able to achieve a GDP growth rate of around 7.5%.