He hasn't rolled back economic reforms of the Fidel Ramos administration that preceded him, such as deregulation and liberalization of the banking, shipping, telecommunications and power sectors.

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ChinaScope Financial's Mr. Zhu said Beijing will also push ahead with further deregulation and liberalization in the railway industry so as to attract more private capital to invest in the sector.

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The other half of the increase (2.5 percent) should be spent to implement reforms required by accession to the TPP agreement and to build infrastructure needed for deregulation and liberalization, with the goal of promoting economic revitalization and growth.

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Now, owing to liberalization and deregulation, a host of newcomers -- local and foreign -- have entered the market and are battling one another for share.

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For example, Ramos was committed to trade liberalization and deregulation.

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Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997.

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Japanese financial services deregulation - dubbed the "Big Bang" after a similar British liberalization in the 1980s - began officially in 1998 and is scheduled to be completed in 2002.

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