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The 12th National People's Congress convened its third annual session on Thursday. To the attention of "everyone from village bosses to foreign investors" as the Economist magazine pointed out, Chinese Premier Li Keqiang delivered a draft work report, which sets the country's GDP growth target at around 7 percent. Here's a selection of quotes from overseas media.

"Speaking in front of nearly 3,000 appointed delegates to the congress, [Premier] Mr. Li sketched out an expansive and lofty vision for fostering economic growth and improving the lives of China's 1.3 billion citizens. He promised to add 10 million urban jobs, increase monthly pension payments to retirees by 10 percent, build 7.4 million units of government-subsidized housing and construct nearly 5,000 miles of rail."

Chinese Premier sketches a lofty vision for private enterprise but warns of obstacles

-New York Times, on Mar 4

"Policymakers are trying to balance the need to cushion the economy's slowdown with monetary and fiscal stimulus against longer-term goals. They're seeking to increase the role of private business, promote innovation and reshape the fiscal framework as they shift the economy from reliance on debt-fueled investment toward greater consumption and services."

China lowers growth goal to about 7% as Li flags challenges

-Bloomberg, on Mar 5

"Thirty pages of Li Keqiang's 38-page speech were devoted to the slowing economy. He used the now-ubiquitous phrase the 'new normal' to reassure his audience that a lower GDP forecast of 7% was natural and would be in place for a few years."

China's Premier Li Keqiang sets out economic goals

-BBC, on Mar 4

"The reduced goal, dubbed by Beijing as 'the new normal' after years of rapid growth, suggests another year of slower growth for businesses in China, especially those reliant on large infrastructure projects and broad economic expansion… Many companies said the slowdown was already baked into their previous forecasts."

China's lower growth goal doesn't spook foreign companies

-Wall Street Journal, on Mar 5

"The country, which has enjoyed some of the fastest growth rates in the world in the past two decades or so, is now slowing as it approaches middle-income levels. Mr Li reiterated Beijing's refrain that economic development has entered 'a new normal'."

China lowers GDP growth target to 'around 7%'

-Financial Times, on Mar 5

"A key plank of China's reform agenda is tackling overcapacity in polluting heavy industries and moving its factories up the global value chain."

China signals 'new normal' with higher spending, lower growth target

-Reuters, on Mar 5