No offence, but are we even looking at the same picture?
That's about as loli as it gets without being toddlercon.
Only flat chest doesn't make one loli. From her size alone, she has too much mass to be loli in my eyes. The bad thing is that she has her eyes closed, which is the best indicator of what's loli and what's not.
The belly forms a curve. Her thighs are slim, but to form a body, the hips are excatly what they should be: A bit wide since her torse isn't as slim as her thighs. So maybe it is a border case, but no extreme.