In an address to an annual session of parliament, Premier Wen Jiabao was to target eight percent economic growth in 2010, which he called a "crucial year in the battle against the global slowdown", according to Xinhua news agency.
"This year the main targets we have set for economic and social development are increasing GDP by approximately eight percent... (and) holding the rise in consumer prices to around three percent," the speech said.
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At the closely watched session of the National People's Congress, the Communist Party is expected to reassure China's 1.3 billion people that it can bridge a widening rich-poor gap and keep the economy on track.
Eight percent growth is a figure authorities feel is the minimum necessary to avert widescale joblessness and social unrest in the world's most populous country. Despite the global crisis, the economy grew 8.7 percent last year.
With the world downturn exposing the volatility of foreign trade, the session's agenda will be topped by Beijing's efforts to retool the economy away from its long reliance on cheap exports.
"This is a crucial year for continuing to deal with the global financial crisis, maintaining steady and rapid economic development and accelerating the transformation of the pattern of economic development," Wen's speech said.
China's leaders are worried about vast wealth disparities that have emerged between regions and a floating underclass of 230 million poor migrant workers increasingly seen as a risk to national stability.
The speech offered a fresh pledge to boost domestic consumption and noted those left behind by China's boom.
"We must always remember that developing the economy is inseparable from improving peoples' well-being and safeguarding social fairness and justice," it said.
Wen was to say that China expects to run a budget deficit of 1.05 trillion yuan (154 billion dollars), up 10 percent from last year, as it extends a hefty economic stimulus plan and plugs holes in the social security net.
He also acknowledged government concern over a flood of lending activity that has caused inflation fears to spike, saying authorities would slash new bank loans by about a fifth in 2010 to 7.5 trillion yuan.
"We are emphasising sound development and we need to guide all sectors to focus on transforming the pattern of economic development and restructuring the economy," Wen said.
The NPC has no real legislative power but meets to rubber-stamp the decisions of the Communist Party elite in an annual ritual aimed at putting a veneer of democracy on China's rigid top-down political system.
During the session, observers will be watching to see if a next generation of leaders led by Vice President Xi Jinping and Vice Premier Li Keqiang will take on a higher profile ahead of their expected ascent to power in 2012-13.
On the eve of the congress opening, China unveiled the smallest increase in its military budget for at least 10 years amid national belt-tightening, and vowed that its rapid military modernisation posed no threat to other countries.
As is customary during major political events in China, security has been tightened in the capital to prevent disruption.
Extra police have been deployed and a force of more than 700,000 including civilian volunteers will help keep public order, according to official media reports that dubbed the effort a "great moat" of security around Beijing.
There are up to 3,000 NPC delegates, including many from troubled minority regions like Tibet and Xinjiang.
