Global financial crisis stimulus (2008-2009)
With exports collapsing as the global financial crisis deepened, Beijing announced a 4 trillion yuan stimulus package in November 2008. The bulk went into infrastructure, housing, and rural development, with local governments and state banks financing the spending.
Within a year, China's growth returned to double digits and manufacturing surged, pulling global commodity prices back up.
The debt buildup and overcapacity left by the stimulus shaped China's economy for years and contributed to structural imbalances policymakers still address today.
Shows Beijing's capacity to engineer a manufacturing recovery through massive state-led spending, the same lever implied by this year's planned infrastructure investment.
