Reviewing last year's government work, Premier Li Keqiang said he had faced more difficulties and challenges than anticipated, but taken actions to deal with them.

Facing ever-increasing pressure on the economy, the authorities have kept the nation's macroeconomic policy unchanged and developed innovative methods of macro regulation instead of adopting strong short-term stimulation measures. Among them was target regulation to stimulate market activity and boost the real economy. These targeted measures ensured structural adjustment without compromising the economic growth rate.

Li cited three major tasks this year, placing top priority on stabilizing and improving macroeconomic policy. The authorities will continue exercising targeted regulation and provide major support to the weak areas of the economy in order to guarantee that it performs within an appropriate range. It is expected that the authorities will therefore rely more on the power of the market, adopt more reform methods and make clear and explicit regulations and policies for various sectors.