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.

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.

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.

Pan Gongsheng, the governor of China’s central bank, announced a raft of measures on September 24 aimed at boosting the country’s flagging economy. The move, which came a week before the 75th anniversary of communist party rule, was made in response to concerns that China could miss its own 5% annual growth target.

After years of sluggish growth, China is now making bold moves to reignite its faltering economy. In a dramatic push, Beijing has rolled out massive stimulus measures aimed at boosting consumer spending,