Faster reform, slower growth 3
New leaders’ policy thinking: It’s all about reforms 3
Reforms to boost sustainable mid and long-term growth 7
Yet reforms offer limited support to short-term growth 11
Change of forecasts: GDP and CPI 11
What’s the minimum growth rate Beijing can tolerate? 12
What can Beijing do to secure the minimum growth
level? 14
China macro forecasts 15


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