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While government intervention in markets can rapidly reflate the financial system, liquidity injections can’t address China’s structural issues, including an aging population, global trade protectionism, and weak confidence in the private sector, he noted.

Yeung added that, despite China’s stimulus package being verbally strong, the government has yet to show a significant shift away from its core principles, such as common prosperity.

“Long-term investors will look for a genuine improvement in consumer demand and corporate profitability,” he added.