PREMIER Mr Li Peng has made a partial accommodation of requests by patriarch Mr Deng Xiaoping that economic development and reforms be speeded up. However, in his Government Work Report to the National People's Congress, the final draft of which is being prepared, Mr Li warns of early signals of inflation and fails to unveil new initiatives in market reforms. Sources close to the drafting process said the Report, which will be delivered on March 15, was a ''compromise'' between Mr Li's desire to restore macro-economic control and Mr Deng's admonition about ''not losing the opportunity'' for fast growth. As reported in the South China Morning Post, the annual growth target for the economy is eight to nine per cent, as recommended at the 14th party congress last October. The sources said bowing to Mr Deng's instructions, Mr Li had stuck to the relatively high growth rate in spite of signs of an overheating economy. Commenting on the rate of eight to nine per cent, the report notes that ''considering the high speed of growth in 1992 and the conditions of various sectors in 1993, it [the rate] is positive even as it does not exhaust all the possibilities''. The premier has also made provisions for regional autonomy. ''We should not aim for uniformity of development nationwide,'' Mr Li adds. ''Places that have the requisite resources should be allowed to develop faster.'' However, the premier warns against ''unrealistically ambitious projects'', especially the opening of too many development zones. According to officials who have read earlier drafts of the 18,000-character report, it is divided into seven parts: work in the past five years; economic goals in the coming five years; speeding up the construction of a socialist market economy; streamlining the government structure; expediting social progress; relations with Taiwan and Hongkong; and foreign policy. The officials said as Mr Li was anxious to retain macro-level control over the economy, it was unlikely he would unveil bold initiatives in market reforms. For example, Mr Li has vetoed radical reforms of the banking and financial system. Earlier, there were suggestions that the People's Bank of China be restructured as a Western-style central bank, and that most other banks be run like Western commercial financial institutions. ''Maintenance of rigid state control over the finances means the central government still retains a formidable grip over the economy,'' a Beijing economist said. The premier makes no reference to political reform as it is understood in the West. In his report, Mr Li stresses the development of ''a socialist democracy and legal system'', for example, boosting consultation between the Communist Party and the eight ''democratic parties''. The premier indicates a spate of laws in areas including agriculture, commerce, banking, securities, accountancy and company formation will be rushed through the legislative process.