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The Chinese government on Tuesday announced ambitious plans to develop projects in transport and energy sectors as part of efforts to accelerate the country's industrial transformation and upgrading.

China will continue a "proactive fiscal policy" and a "prudent monetary policy" in 2013, according to a government work report to be delivered by Premier Wen Jiabao Tuesday.

China aims to hold this year's consumer price growth to around 3.5 percent, according to a government work report.

Following are the highlights of a government work report distributed to media ahead the annual session of the National People's Congress (NPC) Tuesday morning.

The Chinese government is projecting a fiscal deficit of 1.2 trillion yuan ($191 billion) for 2013, 400 billion yuan more than the budgeted figure last year, according to a government work report to the national legislature on Tuesday.

Following are the highlights of a government work report distributed to media ahead the annual session of the National People's Congress (NPC) Tuesday morning.

China will further relax controls over market access for nongovernmental investment and stimulate it.

The Chinese government is projecting a fiscal deficit of 1.2 trillion yuan ($191 billion) for 2013, 400 billion yuan more than the budgeted figure last year

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

China plans to raise its defense budget by 10.7 percent to 720.2 billion yuan ($114.3 billion) in 2013.