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when he sacked more than 50 million workers at state firms to trim the bloated sector. Wele to Doctor Li Keqiang39。s surgery, analysts from Standard Chartered said in a note. We had suspected that Premier Li would want to drive significant reforms. We underestimated, however, his apparent willingness to make policy choices that would risk putting further downside pressure on the economy. In May, Li said there was limited room for policy stimulus because such measures carried risks and were not sustainable . China has a debt hangover from spending 4 trillion yuan ($ billion) at the height of the global financial crisis in 2022/2022 to boost the economy. The cabi also said this month after a meeting chaired by Li that credit had to be used for real business needs. A ZHU RONGJI REVIVAL? Beijing39。s standoff with banks in the interbank market where banks lend to one another began in the first week of June and climaxed last week when rates tore to record highs. Rates had climbed through June on strong demand for cash during a threeday holiday from June 10, and ahead of the monthend when banks need more funds to meet regulatory requirement