The continuous credit contraction caused by the unwillingness of state banks to lend to state enterprises is a long-term institutional problem. But one wouldn't want the government to end this policy and simply ask the banks to lend more to SOEs. The monetary policy remains ineffective due to the above problems in the financial system. An interest rate cut would probably not make much of a difference, and the range of possible cuts is limited because the rates on RMB deposits are already lower than the rates of US dollar deposits. Further increases in tax rebates on exports would have an effect, but only on a small portion of the economy.
Some people are wary of an increase in government investment and government debt.
Increasing the government debt is financially risky, and there is some concern about the sustainability of the state budget. This question requires a more detailed study of China's fiscal situation and financial risk, so I will leave it for now until more data becomes available. Another concern is the level of efficiency of the government's projects and the quality of growth stimulated by government spending. This concern has been expressed by the Ministry of Finance, local authorities, and foreign critics. But this concern is actually not so relevant from an economic point of view.