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The country has made de-stocking the property inventory one of this year's major economic tasks, as an ailing housing market could derail the economy, which is growing at the slowest rate in a quarter of a century.

The country has made de-stocking the property inventory one of this year's major economic tasks, as an ailing housing market could derail the economy, which is growing at the slowest rate in a quarter of a century.

A brief overview of China's 13th Five-Year Plan was also included in Li's report. The country expects an average annual growth rate of at least 6.5 percent from 2016 through 2020, when China will have GDP of 90 trillion yuan (13.8 trillion U.S. dollars).

The 12 previous five-year plans were important components of political economics with Chinese characteristics. Grassroots wisdom in the new five-year plan has been pooled from nearly 3,000 NPC deputies and over 2,000 national legislators.

Premier Li said China was pursuing green development as part of its economic transition, and is encouraging the development of vehicles powered by new types of energy. He said he would like to see Japanese companies, especially Toyota, boost cooperation with Chinese car companies on new energy vehicles.