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To shore up growth, the Chinese government also plans to raise the fiscal deficit target for 2015 to 1.62 trillion yuan. That would be 2.3 percent of GDP, up from 2.1 percent in 2014.

The meeting was also attended by vice premiers Zhang Gaoli, Liu Yandong, Wang Yang, Ma Kai and state councilors Yang Jing and Wang Yong.

Over the years, the sessions have helped navigate the development of China, which is not only very important to the country itself, but also matters much to the world.

Japan overhauled its defense stance since Prime Minister Shinzo Abe took office in late 2012 by lifting bans on weapons exports, reinterpreting its pacifist constitution to allow its Self-Defense Forces to exercise right to collective self-defense and boosting defense budget.

"The slowdown in foreign trade growth is a reflection of China's new normal economic expansion, but our competitive edge still remains and we have the foundation for steady trade growth for a long term," Wang said at a national trade tele-conference on Thursday.