China will allow more borrowing by local governments as part of a surging fiscal deficit this year, which may be a long-term mechanism to stimulate growth.

China's outbound investment is expected to grow by 15 percent this year, according to a report issued on Tuesday by the NDRC.

Many deputies attending this year's two sessions are calling for a fairer system and qualified growth in order to maintain sustainable development of China's economy.

Chinese shoppers have become far smarter than their Western counterparts at checking product information online before taking the plunge.

Coping with problems brought by a large population has become an unavoidable challenge facing megacities like Beijing, said a deputy to the National People's Congress (NPC).

A growth target of 7.5 percent and a greater focus on consumption and economic reforms were some of the goals set out by Premier Wen Jiabao in a keynote address on Tuesday. Highlights of Wen's work report

Premier Wen Jiabao said the Chinese government should restrain the size of large cities and drive the development of their surrounding areas.

The Chinese government will "firmly rein in" speculative and investment-driven housing demand and to promptly improve the accountability system for stabilizing housing prices.

Newly-issued property curbs to reduce housing speculation and cool the overheated property market have stirred fierce discussion online.

China is expected to become the world's largest premium car market, overtaking the US and selling more than 2.3 million premium cars by 2016.

China will strive to increase its total foreign trade volume by around 8 percent amid slow recovery in the world economy and rising trade protectionism.

China's new round of establishing asset management companies to deal with commercial lenders' bad assets will differ from the experience in 1999.

China's central bank said Monday that it granted more loans in 2012 to financial institutions in rural areas in order to support agriculture.

China defense budget to grow 10.7% in 2013
China to 'firmly rein' in property speculation
Highlights of Wen's government work report
Photos: Wen delivers work report 2004-2012
More about Premier Wen's 2013 work report

A top central bank official said on Monday that consumer prices will rise by about 3 percent in China this year, as monetary authorities make curbing inflation a top priority.