China's annual sessions to unleash growth momentum for global economy

China's upcoming two annual political sessions will once again focus on economic policies, which is widely expected to inject new vigor and vitality into the economic giant and unleash growth momentum for the the global economy.

A series of reform agenda are highly anticipated at this year's sessions of lawmakers with the National People's Congress (NPC) and political advisors with the National Committee of the Chinese People's Political Consultative Conference (CPPCC), including reforms of local government financing, taxation, pricing, State-owned enterprises and the household registration system.

As the first annual "two sessions" of the NPC and the CPPCC held after China's growth slowdown to a state of "new normal," the upcoming meetings are both expected to reveal important signs of a new roadmap for development and reform in the coming years.

In the government work report to be delivered by Premier Li Keqiang at the start of the NPC session this year, the Chinese government is likely to lower its GDP growth target for 2015 to around 7 percent, analysts said.

Even though the exact growth rate is yet to be announced, the trend is clear: the Chinese leadership is ready to tolerate slower growth to make room for decisive reforms in key areas.

The Chinese leadership has defined the year 2015 as a crucial period of time for comprehensively deepening of reforms, the first year of comprehensively promoting the rule of law, and the final year of the 12th Five-Year Plan period (2011-2015).

After more than three decades of nearly 10 percent of expansion on the average, China's new leadership is aiming for higher-quality growth, with lower environmental cost, less systemic risks and narrowing income gaps.

It is also promoting new industries such as health care, education, entertainment, sports, e-commerce and environmental protection, in order to unleash new growth momentum for the economy.

Keeping up a stable pace of growth, nevertheless, is vital for successful reforms. In the face of complex circumstances at home and abroad, the Chinese government is confident in adopting timely policy measures to guarantee short-term employment and growth in the targeted range.

In recent months, China's central bank -- the People's Bank of China -- has stepped up monetary easing, cutting benchmark interest rates and the reserve requirement ratio for banks nationwide. Infrastructure investment will continue to serve as a ballast for economic growth.

Building a robust Chinese economy is in itself a significant contribution to the global economy. As the world's second largest economy is now maturing into a more competitive one, it is opening up new opportunities for the rest of the world.

The initiative on building the Silk Road Economic Zone and the 21st Century Maritime Silk Road to be formally announced in the coming weeks will serve as a pivotal platform for China's cooperation with the rest of Asia, Europe and Africa. Dozens of countries along the ancient Silk Road will benefit from China's capital, technology, management know-how and entrepreneurship.

More substantive policies will take shape later this year to facilitate such all-win cooperation. After decades of sporadic growth, Chinese businesses are expected to emerge as a new megatrend in the global economy.