BEIJING, March 5 -- Analysts have borrowed a basketball statistical concept to characterize the versatility that China will have to show to ensure a proper growth rate and upgrade the economy after the government lowered the annual growth target for 2015 to around 7 percent.

The government plans to focus on achieving the three objectives of maintaining a medium-high-level growth rate and moving toward a medium-high-level of development; maintaining policy continuity and keeping expectations stable while progressing structural reforms; and driving development through entrepreneurship and innovation, paired with increased public goods and services supplies.

These references made by Premier Li KeqiangThursday as he delivered the annual government work report have been summarized by analysts as a "triple-double," a term that describes a basketball player's record in a game in three of five statistical categories: points, rebounds, assists, steals, and blocks.

"Faced with an economic slowdown, the triple objectives [talked of by the premier] will boost confidence. Aiming for a medium-high-level of growth and development makes a statement that China's economic momentum will not weaken despite adjustment," said Zhu Jianmin, a member of the National Committee of Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body.

GROWTH POTENTIAL FROM OLD ENGINE

Once dubbed the world's factory, China rose to become the world's No. 2 economy with underpinning by exports and investment, the old engines.

But the status is no reason for cheer. Per capita public infrastructure investment in China is only 38 percent of that in Western Europe and 23 percent of America's. The tertiary industry to GDPratio is l0 percentage points lower than other developing countries. Meanwhile, the urbanization rate is 20 percentage points lower than developed countries.

"Gaps indicate more room for improvement. The bridging of these gaps, meanwhile, will unleash tremendous momentum for economic growth," said Guan Xiyou, chairman of Shenyang Machine Tool (Group) Co., Ltd., one of the country's leading machinery companies since the founding of New China in 1949.

Despite its pedigree, the company has more recently been a case study of the kind of upgrades to traditional industries that the government is encouraging in order to revitalize Chinese industry for the modern age.

Thanks to investment amounting to 1.15 billion yuan (187 million U.S. dollars) over the past few years, the company has found success with a new piece of industrial machinery that users can monitor through smartphones. Its sales, up 40 percent year on year, have defied the gloom suffered by peers.

"It is high time that China's traditional industries upgrade themselves to compete with global powerhouses," Guan said.

"Be it technological innovation, industrial upgrades, environmental protection or urbanization... all these things have great growth potential. If China takes advantage of its strength and uncovers new potential by enhancing investment and technology input, it is poised to achieve a medium-high-level growth rate, said Justin Yifu Lin, a CPPCC member and the former senior vice president of the World Bank.

MASS ENTREPRENEURSHIP: NEW ENGINE FOR GROWTH

Calling for a culture of entrepreneurship and innovation to be nurtured, Premier Li said that individuals and enterprises must have the mettle to develop their businesses and make innovations.

Unlike most Chinese graduates that prefer big city jobs to those in quieter places, Li Xia, a 23-year-old graduate from east China's Anhui Agricultural University, chose a career in farming.

In partnership with two classmates, Li contracted farmland to grow greenhouse vegetables, which turned out to be profitable. With the proceeds, Li plans to expand the business and experiment with improved crop varieties.

"In order to incite entrepreneurship and startups, the government needs to refine policies that ensure fair treatment, favorable financial and tax conditions, and basic social safety benefits for starters," Li Xia said.

China has been pressing ahead with reforms targeted at cutting red tape and creating a pro-business environment. Simpler business registration rules saw new registered businesses reach 13.34 million in 2014, up nearly 18 percent year on year.

CHINA'S BALANCE ON GROWTH AND REFORMS

Observers said China is currently pressured by both the need to stabilize economic growth and the urgency of structural reforms. As the economy enters of a period of lower, stabilized growth after its breakneck boom of past decades, it requires the balancing skills of a gymnast.

Amid tough challenges, the growth target this year was set 0.5 percentage points lower than that of last year. In 2014, the economy grew 7.4 percent, registering its weakest annual expansion since 1990.

"In order to usher in a new growth engine, the government needs to leave ample space for those who wish to innovate or set up businesses. The government should further simplify administrative procedures and decentralize power," said Zhang Tiemin, a deputy to the 12th National People's Congress, the top legislature.

Kamel Mellahi, a strategic management professor at the UK's Warwick Business School, said China needs bolder reforms in order to foster vigorous entrepreneurship and innovation.

He also warned that China faces a middle-income trap if it fails to achieve its balancing act.