The independent research house parsed Premier Li Keqiang's speech delivered to a meeting of provincial leaders last week.
He spoke of "targeted measures", mentioned "last year's successful experience in fighting the economic slowdown" and cautioned on shifting macroeconomic policies" which may be effective in the short term but is not necessarily beneficial for the future":
The key contrast here is not just with the stimulus of 2008/09 but also with the mini-stimulus of 2012. Two years ago, as after the global financial crisis, government support took the form of across-the-board credit loosening. Policymakers took a different, more discriminating, approach in the spring and summer of last year when, as now, many were worrying about a hard landing.
Support came in the form of speeded up project approvals and budgetary spending. Credit growth slowed. This provides a model for what to expect over the months ahead. We are likely to see some new infrastructure projects given the go-ahead, work on ongoing projects accelerated, some restrictions loosened – notably on property purchases – and faster disbursement of some budgeted funds.
In any event, when looking at China in absolute terms the slowdown does not seem so alarming anymore.
Growth in 2014 would indeed be the slowest since 1990 – in the mid-Nineties Chinese growth rates peaked at an eye-watering 30%.
But mainland China is tacking onto its economy some $700 billion this year.
That's equal to the size of its entire economy in 1994.
And as big as the Swiss economy and the equivalent GDP of two South Africas and four New Zealands.