Although achieving the growth target will not be an easy task given the sheer size of the Chinese economy and a grim global environment, Chinese officials have voiced strong confidence that the economy will likely meet or even hit over the target, underpinned by the country's indigenous economic vigor as well as Chinese top policymakers' strategic focus and rich toolbox at hands.

The highly anticipated economic agenda also offers a timely rebuttal to Western doomsayers who have recently been sparing no efforts to disparage the Chinese economy. A 5-percent GDP expansion this year would make China still one of the fastest-growing major economies, raising global expectation that the country would continue serving as both a stabilizer and a locomotive for the world.

The around 5-percent GDP target, along with a series of other key economic goals, was released in the Government Work Report delivered by Premier Li Qiang on Tuesday to the second session of the 14th National People's Congress (NPC).

The GDP goal is similar to last year's and is in line with market expectation, which observers said mirrors the country's work priority to maintain policy consistence and economic stability.

In setting the growth rate, Chinese policymakers have taken into account the need to boost employment and income, and prevent and defuse risks. This growth rate is well aligned with the objectives of the 14th Five-Year Plan (2021-25) and the goal of basically realizing modernization. It also takes account of the potential for growth and the conditions supporting growth and reflects the requirement to pursue progress and strive to deliver, according to Government Work Report.

While acknowledging that achieving this year's targets will not be easy, Li pledged that the country will "maintain policy focus, work harder, and mobilize the concerted efforts of all sides."

"The GDP goal is very forward-looking and inspiring. In the Government Work Report, Chinese policymakers do not refrain from walking through this year's challenges and downward pressures, and they showed strong confidence and capacity to tackling with them head on," Pan Biling, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the president of Xiangtan University, told the Global Times on Tuesday.

Tian Yun, a veteran economist based in Beijing, told the Global Times on Tuesday that the target also underscores Chinese authorities' "bottom-line" thinking strategy, based on a sober assessment of a worst-case scenario.