China's Leadership Offers Few Solutions Despite Mounting Economic Challenges

China's annual "Two Sessions" conference offered little guidance despite the country facing huge economic and financial challenges like a property crisis and demographic decline. This suggests China's leadership has run out of ideas.

The cancellation of the traditional press conference likely reflects embarrassment and worry about being put on the spot over touchy issues.

The 5% GDP growth target for 2024 is underwhelming and not clearly achievable given current economic headwinds.

Proposed infrastructure spending raises questions about financing and doubts that it can effectively stimulate the economy.

There was little concrete strategy offered for major issues like the property crisis, boosting consumption and investment, or developing new growth engines beyond what China already does.