The level of regulation will increase, and taxes will inevitably rise as governments struggle to contain their bulging budget deficits.

What happened next emboldened opponents of regulation for decades: an industry lobbying campaign was so effective that Congress pointedly (though briefly) would not reauthorize the agency's budget.

In addition, the budget deficit should be reduced by 45 billion yuan and the central budget stability and regulation fund should be increased by 103.2 billion yuan.