Big, but not enough: China's stimulus package may not be effective

The government of China has finally admitted that there are structural problems holding back the world’s second-largest economy. The process of “rebalancing” economic activity away from being investment-led to being consumption-led has been underway for a while. But there are significant issues, particularly the state of China’s oversized real estate market and the linked issue of local-government indebtedness, which must be addressed as well. The country’s top decision-making group, the Politburo, ended its recent meeting with a call to meet growth targets and a promise to support the beleaguered property sector, saying it would not fall any