Despite the stimulus, deep structural issues persist in China’s economy, Roach warned. Once a long-time optimist about China, Roach became skeptical when its leaders failed to address concerns raised by former Premier Wen Jiabao, who in 2007 warned that China’s growth was “unstable, unbalanced, uncoordinated and unsustainable” beneath the surface.

China’s top economic planner has solidified Beijing’s commitment to bolstering the economy, by reiterating confidence in achieving the full-year growth target, while the lack of a new big-bang stimulus that the markets had expected does not change the supportive policy direction, according to analysts.

After four miserable years, stock market in Hong Kong and mainland China are finally soaring, but whether benefits from the economic stimulus measures announced in September spread beyond stock investors and into the real economy have yet to be seen.