In September, Chinese policymakers shocked the markets by unveiling a set of stimulus measures designed to boost the economy and bolster the real estate market. While it's too soon to know whether the announcements will be successful, the stock market took off like a rocket in the wake of the news. Since the initial unveiling, further efforts have been announced with promises of more to come. So how big of a deal is this really? Is this the start of a major turning point in China's economic trajectory? Or is this just business as usual? On this episode, we speak with two guests. First, we discuss the macro situation with Richard Koo, chief economist at the Nomura Research Institute, and the famed theorist of "balance sheet recessions." Then we delve further into China's decision-making apparatus with Zichen Wang, the author of the must-read Pekingology newsletter. Our guests answer why this time may be different, how these measures come about, how they get implemented, and what to watch next in terms of their impact.

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Richard Koo and Zichen Wang on What Just Happened in China