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A property sales site in Rizhao, Shandong province on January 2, 2015. The tax reforms for the real estate and construction industry are mos likely to be announced in the first quarter of this year. [Photo provided to China Daily]

K|Key Policies

China's fiscal and monetary policies in 2015 under the circumstances of slowed economic growth are the key focus of the two sessions.

L|Law

2015 has been defined by the Chinese leadership as "the first year of comprehensively promoting the rule of law". The two sessions are expected to address legal and judicial aspects in detail: for example, a bill to amend the Legislation Law.

M|Military

China's military expenditure will definitely become one of the most discussed topics during the two sessions in Western media. The question China faces is how to build and manage a stronger army in new conditions.

N|New Normal

"New normal" is a buzz word in 2014 and it will be the first appearance of the word at the two sessions since it became a guideline for Chinese leaders in economic policy-making.

O|Opening-up

China became a net foreign investor for the first time in 2014. However, foreign capital still plays a vital role in the Chinese economy, especially in improving the quality and efficiency of growth and in driving innovation. In 2015, China will further open up its service sector, guided by experience distilled from the Shanghai Free Trade Zone.