Chinese stimulus is going nowhere:
China is swarming investors with near-daily announcements of economic support, creating the impression authorities are going full steam to boost growth. But without more specifics, the question is how long the market euphoria can last.
Officials from the National Development and Reform Commission, the central bank and the Finance Ministry spent most of an hour-long press conference Friday reviewing existing policies and repeating pledges. Few new measures were discussed, with incremental and vague comments offered to extend some tax breaks or create targeted loans “when necessary.”
