@105378082：My understanding is that the approach China is taking is to restructure debts of local govts (extend debt maturity, and swapping them) so that they hv lesser debt burdens to better focus on paying companies that they owed to. This indirectly help companies, which in turn gives companies liquidity needed for continued operations and expansion. This helps to boost employment, and eventually boost consumption. If not wrong, they are also looking at regulatory reforms to safeguard home buyers and debt burden.

Foreign investors are expecting more to stimulus to directly address consumer confidence. But Beijing is taking an indirect but prudent approach that attempts to address the root cause, which I feel is healthier. Foreign investors are working against Beijing. I tend to believe that Beijing hv sufficient resolve and tools to hold on, but I think it takes time, and Trump 2.0 will add to the complexity for many countries and investors.