【明報專訊】THE latest government work report delivered by Chinese Premier Li Keqiang inclines towards a cautious assessment of the external circumstances and emphasises the need to be prepared for tough battles ahead. Still, that has not affected the general direction of deepening reforms to achieve high-quality growth. While the phrase "Made in China 2025" is missing from the report, it does not mean China is slowing down the upgrading and transformation of its industries. In fact, the outline development plan to be set out for the integration of the Yangtze River Delta is particularly worthy of the attention of Guangdong, Hong Kong and Macao. The mainland has lowered this year's economic growth target to between 6% and 6.5%. Though the lowest in 30 years, it is still a considerable target. The government will also slash taxes and other fees payable by companies significantly by two trillion yuan, a much deeper cut than expected. This year marks the 70th anniversary of the foundation of New China. It is also a crucial year for completing the building of a moderately prosperous society in all respects. Protecting employment, enhancing reform and stabilising growth mark the basic tone set by the central government for this year. Supposedly, that will also give significant support to the economy of Hong Kong unless there is not an agreement coming of the Sino-US trade talks.