Since assuming office in mid-March, Premier Li Keqiang has taken a different policy path. Its key economic policy framework, which could be summarized as "Likonomics", consists of three key pillars: no stimulus, deleveraging and structural reform.

In the three months since taking office, the government has resisted repeated calls for new stimulus because it believes State-led investment is no longer sustainable. Instead, the authorities are making efforts to control financial risks, especially the flow of credit that could be fuelling asset bubbles.

If Japanese Prime Minister Shinzo Abe's "Abenomics" is about reversing deflation and restarting growth, Likonomics is about deceleration, deleveraging and improving the quality of growth.