Pace of Reform Accelerating in China

Shanghai free-trade zone to launch later this month
If all goes according to plan, the Shanghai free-trade zone will be up and running less than three months after Li first announced his intention to create it.

The project should help to showcase Li's economic reform-based philosophy, coined "Likonomics", which Barclays economists describe as a three-pronged strategy: no stimulus, deleveraging (reducing the percentage of debt) and structural reforms.

Li fought open opposition from financial regulators to push through the Shanghai plan, losing his temper at one meeting inside party headquarters at Zhongnanhai, which was reported by the Post on July 15.
Do the math. The debt is a huge, huge problem. The only way out for China is for some major reforms. The Shanghai free-trade zone is but a small step. This is why the leadership is working hard to clear out the opposition.

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