9月24日，中国人民银行、金融监管总局、中国证监会负责人召开新闻发布会，推出一系列出人意料的重磅政策。发布会结束后两个小时，中国长期低迷的股市迎来一轮暴涨，且涨势一直持续到黄金周假期。9月30日，中国股市迎来了自2008年以来最大单日涨幅。10月8日，假期后的第一个工作日，市场重启后表现强劲，交易者纷纷入市。沪深300再次创下历史新高，上海和深圳综合指数均大幅高开10余点，但涨势并未持续。同一天上午，中国发展与改革委员会召开新闻发布会，再推出一揽子增量政策。但是，此次发布会上公布的政策由于与外界预期相差较大被指缺少“干货”，致使股市回落且前景变得不明朗。

在国庆假期前推出的政策瞄准了楼市和股市两个中国民众最关心的市场。楼市方面，央行宣布将削减存量房贷利率、下调二套房最低首付比等。股市方面，央行宣布将通过为银行贷款再融资，帮助企业回购自己的股票。央行还将帮助证券公司、保险公司和其他机构投资者提高资产负债表的稳健性，从而筹集资金。

此外，金融监管总局针对企业也颁布了一系列利好政策。2014年，原银监会发布了小微企业的续贷政策。此次，金管总局对该政策做了三项优化：一、将续贷对象由部分小微企业扩展至所有小微企业；二、将续贷政策扩大到中型企业；三、对符合标准的企业，不因续贷单独下调风险分类。

10月8日，发改委推出一系列刺激措施，包括强化宏观政策逆周期调节；通过政策扩大内需；加大助企帮扶；促进房地产市场回稳；提振资本市场。发改委还宣布提前下达资金用于支持国家重大战略实施和重点领域安全能力的“两重”建设；承诺继续发行超长期特别国债等。

但是，与两周前央行等金融机构颁布的政策相比，发改委政策以重申政策方向为主，没有提出市场预期的力度足够大的更具体措施，被外界认为缺少干货。发布会结束后，中国股市也从8日早间开盘的大涨开始回落，于10月9日收盘时回落至假期前的水平。

长远来看，推动经济可持续增长不但需要更积极的财政政策，也需要解决实体经济中的供需失衡问题。黄金周前回暖的中国股市，前景尚不明朗，政府传递信息的有效性将成为决定性因素。本周，在周一财政部新闻发布会释放积极信号后，股市再次上涨。不过，目前仍难以判断近期牛市究竟是预示着持续的市场信心，还是仅仅昙花一现。

On 24 September, the People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA), and China Securities Regulatory Commission (CSRC) held a joint press conference to introduce several surprising incentive policies. Two hours later, China's beleaguered stock market – which had suffered a prolonged slump – began soaring. The impetus lasted right up until the Golden Week holiday, with 30 September marking the biggest single-day rally for Chinese equities since 2008. On 8 October, the first workday after the week-long public holiday, markets re-opened with a roar, as traders scrambled to get in on the rising tide. The CSI 300 – China's blue chips index – experienced yet another record jump, while both the Shanghai and Shenzhen Composite Indexes each opened more than ten points above their usual. However, the euphoria would not last.

That same morning, the National Development and Reform Commission (NDRC) held a press conference to introduce a widely anticipated package of incremental policies – but the substance of these would not live up to the outside world's expectations. As the press conference wrapped up, the stock market was already falling, its outlook once again uncertain.

The policies unveiled before the national holiday had taken aim at the real estate and stock markets – two of the most concerning asset classes for Chinese consumers. For the real estate market, the PBOC had announced a range of incentives, including reductions in mortgage rates on existing home loans and cuts to the minimum down payment ratios for second homes. For the stock market, the PBOC announced that it would help refinance bank loans to assist companies with their share buyback schemes. The central bank also pledged to assist securities companies, insurance firms, and other institutional investors in enhancing the robustness of their balance sheets to raise funds.

These measures went hand in hand with a set of NFRA policies aimed at bolstering enterprises. Back in 2014, the former China Banking Regulatory Commission (CBRC) had issued a loan renewal policy for small and micro enterprises (SMEs). This time, the NFRA unveiled three steps to optimise it: firstly, expanding renewal loan eligibility across all SMEs; secondly, extending the renewal loan policy to cover medium-sized enterprises; and thirdly, absolving qualifying enterprises from having their risk classifications downgraded solely due to loan renewals.

Fast forward to 8 October, when the NDRC also convened a press conference to unveil its own package of stimulus measures. The agenda included strengthening countercyclical macro policy adjustments, expanding domestic demand through policy initiatives, intensifying support and assistance for enterprises, stabilising the real estate market, and boosting the capital market. The NDRC also announced the early allocation of funds to support major national strategies and key construction projects, while pledging to continue issuing ultra-long-term special treasury bonds, among other measures.

However, compared with the previous raft of policies issued by the PBOC and NFRA two weeks before, the NDRC package mainly reiterated the direction of travel, without putting forward much in the way of specifics. Overall, the proposed measures were widely perceived to lack substance and largely fell below what the market expected. From their record peak at the opening bell that morning, Chinese stocks began to plummet throughout the day, falling back to pre-holiday levels by market close on 9 October.

Looking ahead, boosting sustainable economic growth will require a more proactive fiscal policy, as well as addressing the supply-demand imbalances in the real economy. As for the Chinese stock market – reignited so suddenly just before Golden Week – the outlook remains unclear, and much depends on the effectiveness of government messaging. Stocks began rising again this week following positive signals from Monday’s Ministry of Finance press briefing. For now though, it is too early to tell whether the recent bull run was a harbinger of sustained market confidence to come, or merely a flash in the pan.