The 12th National People's Congress (NPC), China's parliamentary body, opened its first annual session on Tuesday in Beijing. 3,000 NPC deputies from across the country along with top Party and state leaders will elect a new president, vice president, premier, vice premiers, and cabinet, and debate a government institutional reform plan. Premier Wen Jiabao delivered a work report at the opening meeting, saying that China will continue to implement a “proactive fiscal policy” and a “prudent monetary policy”. Those policies will enable China to achieve its targets of 7.5% economic growth, 3.5% inflation, 9 million new urban jobs, and urban unemployment below 4.6%.

Chinese Premier Wen Jiabao delivers a government work report during the opening meeting (Photo: xinhua)

In the report, a deficit of 1.2 trillion yuan (191 billion USD) is projected, 400 billion more than the budgeted figure last year. The government plans to spend 720 billion yuan (114 billion USD) on national defense, up 10.7%. Wen said 2013 is the first year for fully carrying out the guiding principles of the 18th Communist Party of China (CPC) National Congress, a crucial year for implementing the 12th Five-Year Plan, and an important year for laying a solid foundation for building a moderately prosperous society in all respects.