1, China has seen some benefit from structural adjustments, such as Beijing’s push to eliminate excess capacity.

2, China has been trying to diversify its foreign-currency reserves, seeking to escape what it considers overdependence on the dollar.

The Beijing-led Asian Infrastructure Investment Bank is part of these efforts. China also has set up its own $40 billion Silk Road fund, drawing $6.5 billion of the initial $10 billion investment from foreign-currency reserves.

-- Nikkei on April 17