Politicians, bankers and business leaders in the west often look at China’s system of market Leninism with a touch of envy. How far-sighted China’s leaders are with their five, 10 and even 20-year plans. How efficient the system is without the hindrance of popular elections or pesky concerns over individual liberties.

Many of these admirers may expect visionary policies to be unveiled at China’s annual parliamentary session, which opens today and will formally anoint Xi Jinping as president for the next decade by the time it closes on March 17. But apart from some tinkering around the edges and a bureaucratic reshuffle of ministries, the session is likely to disappoint anyone who hopes for serious reform of China’s current political or economic structure.

Mr Xi is the powerful son of a Communist guerrilla commander who also served at the top of the Chinese government. Perhaps the best way for FT readers to think of him is as the newly-appointed chief executive of an enormous conglomerate who has worked for the company his whole life and whose father was a founding shareholder and life-long senior executive.