China to answer key questions at March meetings

China's lawmakers and political advisors will meet in Beijing next week to discuss key strategies, ranging from overall reform to new opening-up policies.

The two sessions are the annual meetings of the National People's Congress (NPC), the country's top legislature; and the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the top political advisory body.

-- GROWTH RATE

A government work report, to be delivered by Premier Li Keqiang on March 5, will reveal whether China will further reduce its economic growth target for 2015.

The economy grew 7.4 percent in 2014, the weakest annual expansion in 24 years.

Despite concern by some of a potential collapse, more people seem to believe that a medium to high level pace of growth will be acceptable to the world's second largest economy as long as employment is guaranteed; household income raised; and the quality and efficiency of growth improved.

With a larger base figure, growth of 7 percent will produce an annual increase of more than 800 billion U.S. dollars at the current price, more than when 10 percent growth was posted five years ago.

On the other hand, the country cannot afford the price of its economy slipping out of the "reasonable growth range".

-- LESS GOV'T INTERVENTION

The central government has prioritized the task of fundamentally restructuring its own functions amid efforts to improve administrative efficiency and inject vitality into the economy.

It has established a government/enterprise negative list, which will streamline administration and encourage decentralization, to reduce its own intervention in the operation of non-government organizations.

Further power restructuring measures are expected to allow the market to play a more active role in promoting development.

-- PRIVATE SECTOR

The government is also likely to roll out further measures concerning financing, taxation and pricing, and state-owned enterprise systems, to mobilize social sector investment.

China's banking regulator has promised continued support for private banks this year and will improve its supervision mechanism. More specific measures could mean easier access to loans for small and private companies.

-- COUNTERCORRUPTION

More than 80 officials of ministerial level or above have been investigated for corruption since late 2012, when the new Communist Party of China (CPC) leadership took office.

Delegates to the two sessions, a large number of which are CPC members, will suggest more ways to "comprehensively strengthen Party discipline", one of the major tasks raised by CPC leaders.

The subject of inactive officials whose delays in implementing important policies and reforms are hindering economic and social development is also expected to be discussed.