Via Bloomie:
Since last year, the government has doubled down on this kind of “targeted” stimulus, emphasizing the role of consumption and the promotion of a long-standing shift toward services and higher-value manufacturing — and away from expensive mega-projects.
…Overall though, the relative restraint of the new stimulus strategy should help slow a build up of debt that’s headed toward 300 percent of gross domestic product. That holds out the hope that economic growth becomes more sustainable in the longer term. The flip-side is that the boost to growth is weaker, lacking the credit-driven sugar highs that helped China support the global expansion after the 2008 financial crisis.
