China domestic-demand industrial stimulus

Beijing's post-2023 turn to large-scale fiscal-quasi-fiscal demand-side industrial policy aimed at offsetting the property-led growth slowdown — equipment-renewal capex, consumer-goods trade-in subsidies, ultra-long-term special treasury bonds, and standards-uplift mandates. Distinct from the China minerals counter-strike (which is the export-control leverage side) and from China semiconductor self-reliance (which is sector-specific industrial finance): this is the cross-sector demand-pull side that drives commodity import demand and, externally, the overcapacity arguments behind EU CVD and US Section 301 escalations.