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]

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.

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.