Yet reformers are locked in a struggle with military hawks and Mao revivalists linked to Chonqing chief Bo Xilai. They know that China’s post-Lehman credit spree in 2008 went too far but keeping growth alive has become a political imperative. Chinese exporters are now in serious difficulty. Caixin magazine reports that China’s entire solar industry is “on the verge of bankruptcy” as it struggles with debts built up during its world conquest over the past four years.