As governments around the world contemplate measures to shield their consumers from the latest blow to purchasing power — the energy-cost surge sparked by the Iran war — it may be unwise to expect anything notable from China in that regard.
Over the past couple of decades, policymakers in Beijing responded to external and internal shocks via demand management. In late 2008, the government of the day unleashed a massive credit salvo to stoke domestic spending in the face of the global financial crisis. Smaller but similar efforts came in the 2010s in response to internal slowdowns. Covid saw another credit injection. The various rounds of stimulus are easily visible in the chart below.