The annual parliamentary session in China has concluded

Premier Li Qiang revealed the much-awaited government work report at the beginning of the meetings on Tuesday. He stated that China has set a growth target for 2024 of about 5%.

According to three major plans made public during the parliamentary hearings, Beijing’s priorities for the coming year obviously prioritized industrial support above all other issues.

The chief economic planner also mentioned the potential market of over 5 trillion yuan, or roughly $694.5 billion, that would arise from an effort to update equipment.

On the other hand, real estate was given less attention.

However, real estate companies “that must go bankrupt should go bankrupt,” according to the Minister of Housing and Urban-Rural Development. Ni Hong forewarned during a news conference on Saturday that anybody who “harms the interests of the masses” will be looked into and dealt with.

Under Xi, the Chinese Communist Party has tightened its control over the government.

Beijing said at the 2023 parliamentary meeting that party-led commissions would be established to regulate the finance and tech industries as part of a regulatory revamp.At the conference last year, Xi was also granted an unprecedented third term as president.

This year, the State Council—which has served as the government’s highest executive body under the leadership of the premier—had its organizational reforms approved by the National People’s Congress. The modified State Council Organic Law was approved with 2,883 delegate votes during the ceremonial close on Monday. Nine delegate votes were cast in favor of the amendments and eight against.

Among the top leadership group of the council are vice premiers and the chairman of the People’s Bank of China, among other changes.