Following are eight aspects of the upcoming two sessions that might have global implications.

1. China will announce its 2015 GDP growth target at the start of the sessions.

When China posted 2014 its lowest growth rate in 24 years, 7.4 percent, speculation has been rife that the government will reduce its target for this year to around 7 percent from the 7.5 percent set for the past three years.

What will this "new normal" growth rate of the Chinese economy mean to the world? How will it affect jobs worldwide?

2. China will unveil its defense budget for 2015.

Last year, China's defense budget was over 130 billion U.S. dollars, second only to the United States.

Where does the money go in a country that is building slim but strong military forces? How will other countries react? How will that budget affect regional and world stability?

3. The Chinese premier and scores of ministers are expected to hold press conferences during the sessions.

These sessions, along with the government work report, will be crucial to deciphering China's national priorities. How will the ongoing reform, the rule of law, anti-corruption, anti-monopoly, anti-pollution and Internet administration develop? How will they affect global investors?

4. For the United States, there is something that deserves its particular attention.

In the State of the Union address 2015, U.S. President Barack Obama referred to China three times, rendering it the most-mentioned foreign country with a likely "frenemy" face. What will China make of that?

The government work report delivered at the opening day of the legislative session is similar to the State of the Union address. How will China cover issues that, at times, have disturbed Sino-U.S. relations, for instance, cyber security, human rights, Tibet and foreign trade policies?

Also a quick reminder: China is the largest creditor to the United States, and Chinese President Xi Jinping is scheduled to visit the United States in September.