Finally, China is pulling the trigger on a bold stimulus package

TWO GUT instincts have distinguished the macroeconomic policies of Xi Jinping, China’s leader since 2012. He has disdained consumer documents, which he believes breed laziness. And he has refrained from bold economic stimulus, the kind of fiscal and monetary bazooka that China’s previous leaders pulled in November 2008 during the global financial crisis. Both of Mr Xi’s beliefs have been tested by China’s economic problems over the past year. And this week, shortly before the 75th anniversary of the People’s Republic of China, he appears to have let his guard down, allowing for China’s most exciting stimulus since 2008. Chinese stocks posted their best week in 16 years ; Hong Kong has grown at a rate not seen since 1998. Some analysts have even used the b-word.