China's 2024 economic stimulus

Kerry Liu

Economic Affairs, 2025, vol. 45, issue 3, 440-460

Abstract: This study reviews China's largest post‐COVID economic stimulus, launched in September–October 2024, examining its background, policy contents, early effects, and broader implications. Specifically, triggered by worsening economic conditions, the package aimed to stabilise stock and real estate markets, support consumption, and ease local financial stress while continuing strategic hi‐tech development. By March 2025, results were mixed – weak demand persisted, but favoured sectors showed gains. This episode illustrates China's balancing act between short‐term fixes and long‐term ambitions, development and security, and reflects growing state intervention in the economy. It offers insights for understanding China's evolving policy logic and navigating debates on its future trajectory, including the ‘Peak China’ discourse.

Date: 2025
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