Xu Shaoshi, minister of the National Development and Reform Commission, or NDRC, takes questions from journalists during a news conference on March 5. [Chen Jia / chinadaily.com.cn]

China will extensively implement the strategy of opening up, the report said, adding that the ministry will raise the efficiency and quality of China's outward investment, as well as increase multilateral, bilateral, and regional economic cooperation.

According to the report, the NDRC will accelerate the transformation of agricultural development and promote transformation and upgrading of the industrial structure through innovation. "We project spending on R&D as a percentage of GDP will come to 2.2 percent in 2015," Xu said, adding that the NDRC will boost the scale and strength of strategic emerging industries and make the service sector better able to support economic growth.