In late January, Chinese Premier Li Keqiang shared a proverb with global leaders in a keynote speech at the World Economic Forum in Davos.
"When the wind of change blows, some build walls while others build windmills."
China was in windmill mode, committed to structural reform "no matter how difficult." The "new normal" called for more moderate, consumer-led growth. The financial system would be modernized and the country aimed to shift away from its excessive reliance on debt-fueled, infrastructure-powered growth that had led to industrial overcapacity and an epic credit bubble.