Full coverage: 2017 NPC & CPPCC Sessions

(Source: CGTN)

China’s economy is targeting a reasonable range of growth, between 6 to 7 percent in 2017. The country plans to deepen reforms in all fields to improve overall performance. Those are the key pledges made by Premier Li Keqiang, when he outlined the government’s plans.

The premier gave a keynote speech at opening of the annual session of the National People’s Congress, or NPC. As CGTN reporter Han Bin finds out, deputies say the country is facing a tough year ahead.

China’s steel demand dropped and prices sank. The government is cutting overcapacity, to steer the economy towards consumption.

Many believe the short-term pain will give way to long-term growth. They include Fang Liping, who’s been working in the factory for over 30 years. She's also a deputy of the National People’s Congress.

“The economic slowdown has pushed the company to restructure its production, and upgrade technology to improve quality. Products must meet market demand, or else they can’t be sold. Some furnaces have already been shut down,” she said.

Fang’s company is seeking to reduce costs and boost efficiency. Across China, many companies are shutting down, or transforming to other industries.

Cutting overcapacity is a national reform priority, as excess capacity weighs on overall economic performance. So how to carry out reform is high on the agenda as some 3000 lawmakers meet for the annual session.

“I want to know if the government can provide some substantial support for the companies in difficulties, like money or policies,” Fang said.

The world is watching as the government announces this year's growth target for the world's second biggest economy.

Given increasing uncertainties at home and abroad, interest is keener than ever.

Li Keqiang says the emphasis is on "Seeking progress while maintaining stability." The goal is a growth model driven more by new engines such as innovation, services, and consumption.

And the supply-side structural reform will deepen.

Over the next two weeks, deputies will review the work report. And then their vote will determine the guidance for reforms in the year ahead.

As China’s leadership enters its 5th year, the country is under growing pressure to achieve the set goals. Many deputies, say compared with other reforms, reducing overcapacity is relatively easy.

There are numerous tougher challenges. And one of them is how to establish an effective mechanism through reform, to strike a balance between the roles of the government and the market.