China's Premier Li Keqiang said at the National People's Congress over the weekend that the government forecasted the Chinese economy to expand 6.5% - 7.0% this year. The economic growth in 2016 - 2020 is expected to be not less than 6.5%.

"This is the crucial period in which China currently finds itself and during which we must build up powerful new drivers in order to accelerate the development of the new economy," he said.

The government plans to invest $120 billion in railway construction and $240 billion to build roads. The government also plans to create 50 million jobs.