China's 'two sessions' highlighted the country's energy transition strategies focusing on enhancing energy security and moving towards a lower-carbon future. The National Development and Reform Commission's report emphasized the importance of domestic exploration and production in reducing China's dependence on imported oil. Investments in infrastructure, such as storage and gas-fired plants, are being accelerated to stabilize natural gas supply and manage consumption fluctuations. Premier Li Qiang announced increased financial support for consumer trade-in programs, including subsidies for new energy vehicles, to reduce oil demand. The rise of NEV sales has already displaced a significant amount of gasoline consumption, with expectations for further reductions in 2025. Refineries are adapting to market shifts by increasing high-end chemicals production for green technologies, aligning with the government's goals of reducing import dependence and driving economic growth. While green hydrogen was a prominent topic, large-scale central government subsidies for it appear unlikely, with challenges like cost-competitiveness with gray hydrogen and operational difficulties at Sinopec's facilities.