meeting their 7.5 percent growth target this year - which would be China's slowest growth in 23 years.
Radical reforms, such as full interest rate liberalisation, appear to off the table for now although they may be tackled in October, when the Communist Party holds a key meeting that will set its economic agenda for the next decade.
Until then authorities are expected to reach for low-hanging fruit: uncontroversial reforms that could have only modest impact on growth.
One case in point came in July, when the central bank scrapped the floor on bank lending rates, in a long-awaited reform that signalled determination to carry out market-oriented reforms. But the central bank left a ceiling on deposit rates unchanged, avoiding for now what many economists see as the most important step Beijing needs to take to free up interest rates.
For sure, Beijing will not rush into full yuan convertibility - a part of its push to make it a global currency - by dismantling capital controls at a time when volatile capital flows in emerging markets are raising concerns about economic stability.
Annual economic growth slowed to 7.5 percent in the April-June period from the 7.7 pct in the previous three months - the ninth quarter of slowdown in the past 10 quarters.