chinese stimulus, page-66

Also, even China's central government has to deal with political and social realities.

By the time the CCP finally agrees to swallow its pride and resort to unconventional monetary policy tools like a ZIRP and QE, which they lambasted America for doing after their own embarrassing financial crisis, it will be too little and too late to stem China’s post-credit bubble deflation.

An economy and credit/asset cycles cannot be 'command and controlled' simply because the social mood cycles of the people cannot be command and controlled.

Classic examples being an asset mania persisting in the face of extremely high and rising interest rates (eg. the late 80s housing boom in Australia) and people remaining reluctant to borrow to invest even with rates near zero (eg. Japan's lost decades).

During times of both extreme optimism and extreme pessimism it's society that pulls the levers, not central bankers nor governments.