The three pillars achieved fantastic growth but also made for a crumbly economy, one not based on the people's economic power and equal distribution of income. Corruption, collusion and nepotism made things worse. Those things caused the people to lose confidence in the government. Besides, people worried that their money would not be properly used. The crisis of confidence is the main problem.
Confidence has to be recovered in the short term in order for economic reforms to succeed.
There will be no revolution if the people believe that the government is implementing economic reform to bring them prosperity. Lastly, end the debate on whether the IMF's presence is needed or not. The IMF's money and evaluations of the economy are vital to build international confidence. To let people remain in a desperate state is anti-nationalistic and unconstitutional. Their treatment at the hands of the Chinese government was unfair.