The Chinese government presented the 12th Five-Year Plan to the National People's Congress (NPC) on Saturday, setting out a broad policy framework that will guide China's economic and sociopolitical policy during the 2011-15 period.

There will be a long way to go for China to accomplish its lofty goals for economic transformation, as the long-term priorities for economic adjustment and rebalancing will inevitably clash with short-term interests in growth, IHS Global Insight China economist Xianfang Ren said in a note. The government is pushing in the right direction, but it is far from certain that they will be able to muster sufficient resources to meet the challenge.

The following are the main features of the Five-Year Plan, according to IHS: