Is China’s new stimulus a strategic policy pivot or a short-term tactical move?

I see it as a rising sense of urgency instead of a panic among China's policymakers.

Some of these measures, particularly the $71B standby facility for share purchases, don't have an immediate effect. It really depends if non-banking institutions will utilize the facility to buy in the market. And the only reason they'll do that is if they see the potential for generating returns.

I also expect Beijing to come out with more supportive measures now that they've seen how positively the market has reacted to their recent moves.