Li Daokui, a CPPCC member and finance professor at the Tsinghua University School of Economics and Management, predicted China's GDP growth rate will hit 8.5 percent in 2012. The government work report set the target at 7.5 percent growth.

Li also said he is optimistic about China's stock market this year and urged commercial banks to "lose weight" in order to better reduce the risks of lending to small- and medium-sized enterprises.

Reporter: Song Jingli

Technical director: Huang Lan

Editor: Lin Hanqing & Christie Lee

Graphic design: Zhang Xiao

Producer: Flora Yue