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The decision will help vitalize the economy and strengthen growth, the State Council said.

News outlets lauded Xi's speech regarding their role in the realization of the Chinese dream.

The government work report also reaffirmed the importance of the supply-side structural reforms, a popular notion proposed by China's policymakers last November as the latest remedy for economic ills caused by breakneck growth.

China is seeking a balance among cutting overcapacity, boosting growth and steadying employment, and a win-win situation will be achieved to bring about the sound and sustainable development of heavy and petro-chemical sectors while cutting overcapacity, Li added.

Of the 70 cities monitored in January, new home prices climbed in 38, compared with 39 the previous month, the National Bureau of Statistics (NBS) said Friday. There were 24 declines, down from 27 in December, according to NBS data.