The Great Hall of the People in Beijing during the Two Sessions (WEI YAO/BEIJING REVIEW)

Once a year, close to 3,000 deputies, ranging from officials to executives, convene in Beijing in early March to assess and make plans for China's overall development.

The annual session of the National People's Congress (NPC), the country's top legislature, is still a bit mysterious to most Americans. While many Chinese follow the U.S. election cycle and top political meetings closely, Americans are typically shortsighted on foreign affairs.

Still, some outcomes of the legislative meetings have made their way into U.S. headlines. Social issues are at the forefront, including environmental protection efforts. China's Environment Minister Chen Jining told reporters that "emissions are still too high." Chen stated that 20,000 plants were shut down last year as a result of environmental violations and $654 million in fines were collected, up 34 percent from the previous year.

"We used to think development was all about GDP, but we can't go down that road anymore," Chen said. "The environment is about people's livelihood. Protecting the environment also protects productivity."

"Real progress" is being made, writes Nicholas Consonery for Fortune, in that the government's overall expenditure on social security and welfare increased 17 percent in 2015 year over year, and spending on energy saving and environmental protection increased 26 percent.

Domestic economic issues are also of interest to American media in how they relate to American exports and imports. Time magazine in its coverage of the NPC meetings pointed to concerns over overcapacity at Chinese factories that "make a lot of things that people no longer want." It's bad news for nations that supply China's economic engine with resources. Time magazine noted an announcement that the Chinese Government would lay off 1.8 million workers at state-owned steel and coal industries.

The move was reminiscent of "Reganomics," reports Frank Homes for Forbes. The "supply-side structural reform" proposed by President Xi Jinping is a reminder of the policies of the United States and the United Kingdom in the 1980s, a "boom in entrepreneurship and innovation." The changes will help foster the growing middle class in China, says Homes, and are examples for other developing economies.

"It's a shame that Argentina, Colombia, Brazil and many other resource-rich countries in South America can't move more quickly to eliminate the roadblocks that stand in the way of growth and prosperity," said Homes.

The cuts are aimed to curb overcapacity in what is being described as "zombie companies" that are being kept alive on bank lending despite bleeding revenue. The president has also proposed tax cuts, deregulation and reductions in state spending--all hallmarks of Reaganomics.

Overall GDP growth projections are also covered. Time ponders, "Can the very people who profit most from China's nexus of business and politics be losing confidence in the nation's economy?" The projected 6.5-7 percent GDP growth rate for 2016 may be inflated, the magazine warns, and some economists worry that efforts to meet even that target will undercut motivation to carry out badly needed reform.

Much was made of Moody's cuts to China's economic outlook as the NPC kicked off. Analysts at the economic ratings firm rated the country's government debt as "negative," down from "stable," citing uncertainty over the government's ability to combat rising debt and falling reserves. The institution retained China's Aa3 rating, however, saying sizeable reserves give the country time it needs to gradually correct economic imbalances.

Xinhua News Agency blasted the Moody's report as lacking factual support and that it may reflect double standards when assessing developing and developed economies. China's deficit relative to its GDP is below 3 percent and its debt-to-GDP ratio is also far below the 60-percent threshold, Xinhua editors said in a commentary. China's high savings rates, Forex reserves and limited foreign debt will help shield the country from financial crisis.

The author is a contributing writer to Beijing Review, living in New York City