Caution and commitment in Government Work Report

On Thursday Chinese Premier Li Keqiang presented the Government Work Report for 2015 to the National People's Congress, China's top legislature. What are some of the key messages?

Economic growth remains the key economic objective. The report stresses that "China must rely on development, and development requires an appropriate growth rate". This is important for the outlook for growth and macroeconomic policy.

Observing the challenges and problems, the government calls for reform and structural adjustments. The report notes that economic development has entered a new normal, which it describes as a stage where "challenges need to be overcome and (systemic, institutional and structural) problems resolved". It thus calls for "deepening reforms and making economic structural adjustments".