Cyclical slowdown - is when aggregate demand is way below Aggregate supply at a point in time
Structural reform - is about shifting the aggregate supply curve to the right (not as focused on AD)
Above the governor is mentioning them in the same breath
how much of the slowdown is an "aggregate demand" issue - in which case fiscal / monetary stimuli may help
And how much of it is a "structural" problem that is limiting the capacity of the economy to produce (aggregate supply curve)