The annual government work report, delivered by Premier Li Keqiang at the opening meeting of the annual session of the National People's Congress (NPC), China's top legislature, set the GDP growth target at around 6.5 percent, or higher if possible.

According to the report, the government must keep in mind the big picture and adopt a holistic approach, have clear priorities and focus on key tasks, and properly handle interactions among various sectors.

Let's take a look at the nine major work priorities for 2017.

1. Pushing ahead with five priority tasks through reform

This year, the government will take solid and effective steps to cut overcapacity, implement targeted policies to cut excess urban real estate inventory and carry out deleveraging actively and prudently. The government vows to take multiple measures to cut costs and use targeted and powerful measures to strengthen areas of weakness.

In 2017, China will further reduce steel production capacity by around 50 million metric tons and shut down at least 150 million metric tons of coal production facilities. At the same time, the government will suspend or postpone construction on or eliminate no less than 50 million kilowatts of coal-fired power generation capacity.