Jack Ma still casts a long shadow in the tech sector in China.

FORBES: My First-Hand Impressions of the Chinese Tech Sector

The existence of widespread shadow banking serving the private sector, however, indicates that state-owned enterprises have much easier access to credit.

FORBES: China's Challenge: Balancing the State and Market

"I think it is a really good step in the right direction and a much better deal for people who work in the public sector, " shadow Treasury minister Rachel Reeves told the BBC.

BBC: Pensions: Ministers claim new offer is 'very big move'

Shadow business secretary Ken Clarke said public sector pay had to reflect "the current low level of inflation".

BBC: Spending chief urges pay freeze

Powerful public-sector union leaders condemned the pay freeze almost before the shadow chancellor was off the podium.

ECONOMIST: The Tories and the deficit: That's more like it | The