As China's economic pain increases, so does reform effort

China's reform-minded leaders are more willing than ever to raise the pain threshold for the economy to push through long-term reforms, despite a protracted slowdown that has sparked calls for looser monetary policy.
Grim trade data for June last week fanned market talk of fresh steps to support an economy heading for its weakest growth this year in more than two decades. They increased after remarks by Premier Li Keqiang that the government will safeguard the "lower limits" for economic growth and employment and could be fuelled further by GDP data later on Monday.
But Beijing has no plans to budge.
Financial markets may have underestimated the leadership's tolerance for slower growth as it pushes to wean the economy off a reliance on exports and investment with reforms and deregulation to encourage more consumption, analysts say.

http://www.reuters.com/article/2013/07/14/us-china-economy-policy-analysis-idUSBRE96D0DY20130714