China's President Xi Jinping arrives for the closing session of the 14th National People's Congress at the Great Hall of the People in Beijing on Mar 11, 2024. BEIJING: China's leaders on Monday wrapped up a week-long key conclave at which they admitted more was needed to revive aTop officials have been upfront about the myriad challenges China is facing, admitting that a modest 5 per cent growth goal will not be easy and that"hidden risks" are dragging the economy down.
Among the pieces of legislation approved was a revision to the Organic Law of the State Council, China's cabinet, which state media has said will aim to deepen the"leadership" of the ruling Communist Party over the government. The tightly choreographed event capped a week of high-level meetings that have been dominated by the economy, which last year posted some of its slowest growth in years.
Housing minister Ni Hong added that fixing the property market - which long accounted for around a quarter of China's economy - remained"very difficult".Despite official pledges of fresh support, analysts say they are yet to see the kinds of big-ticket bailouts the flagging economy needs if it is to rebound.
Last week, they broke a decades-long tradition by scrapping a press conference by the premier - long a rare chance for foreign media to question the country's number-two official.