Monthly growth in government revenues had already been declining throughout 2008, but turned steeply downward during the second half of the year, ending in negative growth at year-end (Figure 5). By January 2009, the Minister of Finance was warning of “a very tough year” ahead, as government revenues plunged 17.1% that month from a year earlier (Xinhua, 2009). Given the importance for government legitimacy of maintaining high rates of growth, policy makers became alarmed and determined to do everything necessary to reverse the trend.