Guangzhou, capital of Guangdong province, wants to increase exports by 3 percent this year, according to a government work report on Tuesday.

The city expects slower growth in foreign trade and is giving priority to transforming its economic structure this year to focus on large investments in key projects, said Chen Jianhua, mayor of Guangzhou.

During the annual local legislative meeting that began on Tuesday, Chen said the city will develop 10 key industries this year, including autos, fine chemicals, major equipment, biomedicine, information technology, new energy, finance, insurance and modern logistics.

Last year, the city‘s exports grew by 6.6 percent from 2012 to $62.8 billion, with actual use of foreign investment reaching $4.8 billion, according to the report.