QUALITY OVER QUANTITY
"Both the quality and efficiency of economic performance improved markedly last year," the premier said.
In the past few years, more and more weight has been put on the quality, rather than the amount and speed, of economic growth.
"Seeking progress while maintaining stability" is reiterated in the report as the main theme guiding China's economic work.
While seeking stability, China is aiming for better quality in its economic growth and is sparing no effort to strike a balance between medium-high growth and economic restructuring.
The economy is shifting toward a growth model driven more by new engines such as consumer spending, innovation and services as policymakers wean the economy off reliance on export and investment.
Last year, consumption played a major role in driving growth and the service sector's share in GDP rose to a new high of 51.6 percent, pointing to further improvement in economic structure.
Against the backdrop of sluggish world economic growth, backsliding on globalization and growing protectionism, Li said China is enjoying good conditions for sustained economic growth.
China has a solid material basis, abundant human resources, a huge market and a complete system of industries. It is also making faster scientific and technological progress and has a complete range of infrastructure, the premier said.
"China also has many innovative tools and policy options for conducting macroeconomic regulation," Li said.
In 2017, China will continue to implement a proactive fiscal policy and a prudent monetary policy to hold the economy within an appropriate range, according to the report.
The government will apply a full range of monetary policy instruments, maintain basic stability in liquidity and hold market interest rates at an appropriate level.
China will continue to put the center on the quality and efficiency of economic growth, Li added.
"What I treasure most is not the exact percentage for the bottom of China's growth, but that the economy can level up on a platform of better economic structure and higher quality after hitting the possible lowest growth," Jia Kang said.
TOP ENGINE FOR WORLD GROWTH
The lower target is not as bad as it looks.
In the wake of the international financial crisis, China's growth has bid farewell to supercharged rates since the early 1990s and come down to medium-high growth, which the country frequently refers to as a "new normal."
Globally, even 6.5 percent growth would be the envy of most economies, as the IMF forecast a mere 3.4 percent for world growth this year with 2.3 percent for the United States, 1.6 percent for the eurozone and only 0.8 percent for Japan.
China contributed more than a third of world economic growth last year, more than any other country, IMF data showed, and World Bank figures also back this up.
China's economy will remain the strongest engine for world economic growth in 2017, as the fundamentals for China's long-term growth have not changed, said Wang Guoqing, spokesperson for the fifth session of the 12th National Committee of the Chinese People's Political Consultative Conference.
China's steady growth creates greater demand, a wider variety of products and more cooperation opportunities for the world, Wang said.
In Sunday's report, the government made new commitments to opening China's gates wider to the outside world and improving the environment for foreign investors.
Foreign companies will be allowed to be listed and issue bonds in China and to take part in national science and technology projects, the premier said.
"China's door will keep opening wider, and China will keep working to be the most attractive destination for foreign investment," Li said.
