I have faded every narrative about China stimulus in the past few years because they aren't doing the real work to counteract a protracted collapse in real estate (which is what the people are overwhelmingly invested in). They have shown no meaningful interest in boosting household consumption or giving the people more influence over the allocation of capital, despite a lot of jawboning about such changes. Their moves have been piecemeal half efforts like incentivizing durable goods upgrades. Whoopty doo. Watch what they do, not what they say. What they do is continue expanding their trade surplus and subsidizing production amidst a half decade of debt deflation.