In step with goals

Moreover, China's aggregate financing and money supply, outlined in the report, is expected to be in step with the goals of economic growth and price expectations, fueling further recovery this year, said Ming Ming, chief economist at CITIC Securities.

The country has targeted a whole-year inflation rate of around 3 percent, and has aimed to create more than 12 million urban jobs this year, with the surveyed urban unemployment rate at around 5.5 percent, according to the Government Work Report.

To foster new growth drivers, efforts will be made to advance the construction of a modern industrial system and accelerate the development of new quality productive forces, with special emphasis on upgrading industrial and supply chains, fostering emerging industries and future-oriented industries, and growing the digital economy, said the report.

The term new quality productive forces mainly refers to technological innovation, data, and smart or intelligent technologies that are free from traditional economic growth elements such as labor, land and capital, promise high efficiency and top quality.

Lei Jun, an NPC deputy and chairman of Xiaomi Corp, said China's emphasis on cultivating new quality productive forces will motivate companies to embrace higher-end, greener and smarter manufacturing.

China will promote high-standard opening-up in alignment with high-standard international trade rules, steadily expand institutional opening-up, and ensure the overall stable performance of foreign trade and foreign investment, according to the Government Work Report.

"We believe China will continue to be a driving force for global manufacturing and trading, and an important stabilizer in the global supply chain," said Alf Barrios, chief of global mining company Rio Tinto.

Zheng Xin, Ma Si and Li Lei contributed to this story.