While the liberal wing of the Chinese Communist Party seems to have been outmanoeuvred by the 'neo-conservative' supporters of President Jiang Zemin, it is by no means a spent force.
Political observers in Beijing have pointed to several recent incidents to show the staying power of the 'radical Westernisers'.
While the propaganda Establishment is solidly under Mr Jiang's control, the liberals last month put out a remarkable manifesto for no-holds-barred reform entitled The Era of the Thaw: Memorandum for China's Third Thought Liberation.
The 381-page anthology contains works by, and interviews with, avant-garde cadres and intellectuals such as Li Rui, Yu Guangyuan, Wu Xiang, Ren Zhongyi and Gong Yuzhi.
Published by the official Economic Daily Press, the manifesto has yet to be savaged by the censors.
The ideals of the free-thinkers, many of whom had advised former party general secretaries Hu Yaobang and Zhao Ziyang, can be easily summarised: Deng Xiaoping's market reforms must be pushed forward without reservations; and commensurate political reform be implemented.