When Li initially entered office, China was facing numerous structural problems inherited from the previous administration. Namely, the large abundance of non-performing loans, that many of the giant infrastructure projects the country embarked on since the global financial crisis was overloaded with crushing debt and lower than expected revenues, and the increasingly large wealth gap. Under these circumstances, Li was said to have responded with what became known as "Likonomics", a term coined by economists at the investment bank Barclays Capital. Likonomics consisted of a three-prong approach that included the across-the-board reduction of debt, an end to massive stimulus practices of the Wen Jiabao government, and structural reforms. However, by 2014, global economic pressures and a decrease in demand of Chinese exports led to lower than expected economic growth rates. Year-on-year GDP growth amounted to less than 7.5% for the first time since 1989. Li's government then responded with tax cuts for small businesses, renovation projects of poor urban areas, and another round of rail construction, particularly focused on the country's interior.