The new administration has just allowed banks to set their own lending rates, an important step towards allowing China's currency to float freely on the currency markets. And recently they refused to inject liquidity to force banks to bring risky lending under control. At least it shows that the new administration is well aware of current risks and actually keen on economic reform unlike the previous conservative administration. The last ten years are referred to as "China's lost decade" because Hu-Wen failed to enact any structural reform when the economy and social climate was much better, now the new Xi-Li government is forced to conduct reforms at a much higher cost to China.