The reason for Li’s inaction emerged in early June, when Chinese President Xi Jinping told his American counterpart, Barack Obama, that China had deliberately revised its growth target downward, to 7.5%, in order to pursue structural reforms aimed at supporting stable and sustained economic development. Given that China was moving toward such reforms before the 2008 global economic crisis prompted former Premier Wen Jiabao to launch his ¥4 trillion stimulus plan, Xi’s statement suggests that the new government will seek to restore the economy’s pre-2008 fundamentals.