From CNBC:

China’s annual parliamentary meetings concluded without a press conference from the premier, in a break from tradition. President Xi Jinping did not speak at the closing ceremony, preserving the ceremonial nature of the event. Changes to the State Council were made, with amendments passing at the closing ceremony on Monday.

The government work report pledged to reduce energy consumption per unit of GDP by around -2.5% in 2024 as part of a focus on environmental protection. China set a 2024 growth target of around 5%, prioritizing industrial support and equipment upgrades. Real estate received less emphasis, with warnings for developers who harm public interest.

The Chinese Communist Party has increased its oversight of the government under Xi, with changes to the State Council structure. At the ceremonial closing, amended laws were passed to include vice premiers and the head of the People’s Bank of China in the council’s leadership. The impact of these changes remains to be seen.



Read more: Key takeaways from 2024 China parliamentary meeting: economy, environment