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Chinese Premier Li Keqiang on Thursday vows to make financial and fiscal reforms a priority, and promises to promote social fairness and people's livelihoods to bridge the widening wealth gap.

On Tuesday, authorities said China is likely to drop interest rate controls within two years, giving a clear timetable on interest rate liberalization after years of talk.

As positive economic factors are likely to emerge in the second half of this year, the 7.5 percent growth target set by the government will be met.

China's target of achieving 7.5% rate released in the government's work report is both necessary and feasible, experts say.

China's top economic planning agency will launch an self-inflicted reform that will reduce its own power.

China will undertake many changes in banking and finance, including granting lenders more control over loans and interest rates.

China hopes to reform individual income tax rules to prevent families being motivated to divorce to avoid tax when selling second properties.

China will make a greater effort to clean up regional tax incentives in order to ensure that the allocation of resources is determined by market rather than by a variety of regional incentives, Finance Minister Lou Jiwei says.

China's Finance Minister Lou Jiwei on Thursday called for more comprehensive understanding on the country's growth target this year instead of merely fixating on the 7.5-percent figure.

In a bid to improve income distribution, the Chinese government is mulling more taxes on some luxury products in 2014, said Finance Minister Lou Jiwei.

As a major economic force, multinational companies attach great importance to the annual "two sessions".

China's service sector brightened in February, but the overall economic prospects are still shadowed by a slowdown in the manufacturing sector.

The Chinese currency Renminbi, or the yuan, weakened 8 basis points to 6.1192 against the US dollar on Wednesday.

With 358 recorded billionaires, China is second only to the US in the proliferation of the mega-rich.

The country's top leadership noted on Monday that the year saw more difficulties than he had anticipated.