They want to open up their economy to foreign competition a bit, to take pressure off of the relationship, but they're not going to do it in a dramatic way. They're going to improve their financial system. They've done a number of things; they'll do a number of additional things, because it's a sclerotic system, a lot of regulation.

Does it mean a system that's not susceptible to change?

Thank you.



Function: adjective
: grown rigid or unresponsive especially with age<sclerotic institutions>