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h path. The aggressive Zhu Rongjistyle of governance means China may sacrifice growth in the shortterm to achieve more balanced expansion, analysts said. And with Zhu39。s former lieutenants holding top jobs in China today, including Central Bank Governor Zhou Xiaochuan, hopes for change are high. We believe there is likely to be more economic pain down the road, said Zhang Zhiwei, an economist at Nomura. Growth in the world39。s secondbiggest economy, already suffering from falling exports and sluggish domestic demand, could keep cooling to miss the government39。s percent target this year and hit a 23year low, he said. Indeed, China faces its biggest challenge in at last a decade to change the way it does business: depend less on exports and investment for growth and more on consumption. Policymakers, investors and analysts all agree on what needs to change, but there are few concrete ideas on how to enact reforms, especially if they hurt the interests of state firms. Some are optimistic. While the reform outlook today remains unclear, we believe the current administration seems to have taken a step in the right direction, Zhang said.