Committing 2.4 percent of the GDP signifies an initiative to shoulder significant debt burden. This is in pursuit of growth and thus justified. It is a pointer to Beijing's resolve to stabilise the domestic economy while advancing its strategic goals.

The approach promises long-term transformation and the much-needed stimulus. Pressing economic concerns are staring China in the face. The funds are earmarked for initiatives aimed at boosting consumption, modernising infrastructure and fostering innovation in advanced industries.

This economic game-plan walks a road less travelled. At its heart lies provision for consumers to trade in durable goods, incentives for businesses to upgrade equipment together with large-scale investment in electric vehicles and in fields like green energy.

The measures seek to energise demand and place China as a global leader in cutting-edge technologies. The urgency of the move is compounded by the threat of rising US tariffs that US President-elect Donald Trump has planned and which threaten China's export-driven economy.

China is only too aware of its exports trade being under pressure, the reason why it is doubling down on domestic growth drivers. The bond proceeds will be utilised to recapitalise state banks grappling with high volume of bad loans and narrowing margins. It is an ambitious move signalling China's intent to reassure both domestic and international markets.

It showcases China's intent to use all available tools to maintain economic stability and global relevance. To usher in extraordinary growth, Chinese policymakers are displaying flexibility in addressing immediate priorities without overburdening the budget.

It is, however, fraught with risks which include persistent issues like the property market crisis, subdued consumer confidence and high local government debt. These are high hurdles, indeed, though one must not lose sight of the fact that fiscal stimulus provides only temporary relief. It cannot replace structural reforms needed to address underlying challenges.

Structural reforms are essential. Sans them, reliance on debt driven solutions can increase long-term vulnerabilities. One has to look beyond the immediate goals of these reforms, which focus on China's broader ambitions. China has a self-reliant technology driven economy in its sight.

Small wonder, China is prioritising advanced manufacturing and infrastructure development to reduce dependence on global supply chains. The bond issue is a calculated risk combining resilience and ambition of the 21st century mandarins. As the world watches for the outcome of a move to take the Chinese economy to a new high or a step which runs the risk of being exposed to the limitations of debt-fuelled growth. (IPA Service)