Policymakers, wary of inciting reckless borrowing in real estate, are instead investing heavily in factories and trying to help indebted local governments.
The central government listed measures aimed at prodding people to open up their wallets, but absent was how much it will spend to support the stimulus plan.
He Lifeng’s long career in government has spanned the extremes of China’s approach, from the early embrace of small business in the 1980s to today’s tighter state control.
A series of regulatory changes approved this week reflect the increasingly centralized control of Xi Jinping, newly confirmed for a third term as China’s president.