China unifies thinking to withstand cooling economy(2)

HOW ABOUT 7 PERCENT

As repeatedly underscored by the central leadership, China has entered a stage of the "new normal," characterized by middle-to-high-speed growth, rather than the breakneck expansion in previous years.

Foreign and domestic experts predict that China may further lower its economic growth target for 2015 to around 7 percent from last year's 7.4 percent.

Although this would be China's slowest growth in decades, it can only be achieved if new engines of growth are identified.

"We need to pay special attention to problems likely to emerge during the process of economic upgrading," said Gu Shengzu, an NPC deputy and vice chairman of the Revolutionary Committee of the Chinese Kuomintang.

Manufacturing overcapacity, property bubbles, a financial system that falls short of small enterprises' demands and pollution are all pressing problems that must be tackled, he said.

Despite concerns of a potential collapse, sentiment seems to be weighed more in favor of a medium to high level of growth, 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 that five years ago when 10 percent growth was posted.

However, China might not afford for its economy to slip out of the "reasonable growth range."

REFORM AND LAW

Lawmakers are expected to urge the government to step up reform measures and modify fiscal and taxation policies. Agricultural modernization and urbanization are also expected to be hot topics during the 10-day session.

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

The establishment of negative list management will encourage decentralization while further measures are expected to allow the market to play a decisive role in enhancing development.

NPC deputy Liu Li called for revisions to the Labor Contract Law to better protect rights of migrant workers while another lawmaker Chen Jingying urged governments at various levels to be more transparent.

"It is the responsibility of lawmakers to supervise or even criticize the government in addressing issues that have challenged the country," Chen said.

To provide a sound environment for development, corruption eradication efforts will be further enhanced, with more focus on developing an institutional mechanism to crack down on graft, Fu said at Wednesday's press conference.

Revisions to the Criminal Law may also be considered to enhance efforts to fight embezzlement and bribery, she said, adding that the bribing of officials' relatives will also be criminalized.