Chinese Premier Li Keqiang is opening today's National People's Congress (NPC) at the Great Hall of the People in Beijing, China.

Li is expected to announce China's economic growth target, as well as the country's budget for this year. The Chinese leader is also set to report about government's current priorities.

Like Us on Facebook

Analysts see a the country's growth rate of 7 percent, which is lower than the 7.5 percent set since 2005. The figure will result in a slowdown in the world's number 2 economy.

Li is expected to tell the country's Parliament that his government is accepting the slower growth forecast, while at the same time, he is also set to present ways on how his cabinet intends to deepen its restructuring programs.

The Chinese leader and government officials who are attending the opening of the Parliament will also tackle economic stimulus and reform measures.

Li's government is said to be eyeing a 10 percent increase in the defense budget, up from last year's CNY808.2 billion budget. This figure maintains the military's double-digit increase in funds, which has been the trend for more than two decades.

A 10 percent increase, however, is lower than the 12.2 percent increase in 2014.

The NPC meeting is held almost simultaneously with the annual meeting of the advisory body, Chinese People's Political Consultative Conference (CPPCC), in Beijing. The two events are dubbed "liang hui" in Mandarin, meaning "two sessions."

The CPPCC session opened on Tuesday. It will finish on Friday next week.

Meanwhile, Li will close the NPC meeting on March 15 with a press conference.

Almost three thousand participants are attending the NPC event  to pass new laws, approve the budget and confirm movements in personnel. The delegates will also examine previous government programs and recommend future projects.

For this year, revisions to the Legislation Law is expected to be among the topics. These revisions will give local governments more power to enact laws on urban management.

Meanwhile, the CPPCC's over two thousand delegates are expected to come out with suggestions for policy changes that government may adapt. These suggestions will highlight controversial issues such as anti-corruption campaigns, environmental protection, food safety and employment.

Chinese President Xi Jinping's new political slogan, "Four Comprehensives," serve as the guiding principle for this year's "liang hui."

These principles are meant to push for a moderately prosperous society, meaningful reforms, a deepening rule of law and on  instilling discipline among members of the Communist Party.

TagsTwo Sessions, NPC session, Li Keqiang, national budget, CPPCC