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"We shall proceed with reform and opening up without hesitation," said Chinese President Xi Jinping to his country's top leaders at a symposium last month that marked the 110th birth anniversary of his predecessor Deng Xiaoping. At first glance, his pledge appeared sincere. In the two years since taking office, Xi has consistently advocated a reform agenda intended to continue the economic revitalization and restructuring that Deng started in 1978. Xi’s campaign includes plans to reduce government meddling in the economy by making it easier for private-sector firms to compete with state-owned enterprises (SOEs) and allowing companies and individuals to invest and borrow more freely.