China’s new stimulus measures have sparked a market rally, but they fall short in encouraging consumer spending, a crucial element for long-term recovery. Policies like mortgage financing and liquidity support could inject 1 trillion yuan into the banking system, yet without boosting consumer demand, deeper structural issues like deflation and a struggling real estate sector remain unresolved. Experts recommend shifting focus to fiscal support for households and stabilizing housing to restore confidence. While Beijing hints at larger fiscal plans, delays may limit their impact on short-term growth.