China announced its annual growth target to be 5% – a relatively modest target that has left some disappointment in the market that Beijing chose to lowball its growth outlook with a target of 5%, rather than the 5.5%-plus favored. This is being widely taken as a signal that large-scale stimulus is unlikely.

''A challenging export environment and an ongoing correction in the property market are key headwinds this year,'' analysts at ANZ Bank said. Meanwhile, the Government Work Report is also likely to try to push measures to encourage foreign investment into the country and trade. There are also likely to be details of key changes to top-line officials. The session is lso set to hand President Xi Jinping a third term in office and implement the biggest government shake-up in a decade. 

“Global inflation remains high, global economic and trade growth is losing steam, and external attempts to suppress and contain China is escalating,” outgoing Premier Li Keqiang said during his speech to open the parliament, which will run through March 13.