Strangely, there appears to be quite a difference in opinion of how significant the package actually is. A number of the measures had been previously announced; still others represent the allocation funds that would have been spent anyways. Moreover, only a minority of the funds are coming from the central government, so the source of the remainder of the money is a trifle opaque.
They don’t really know what to do over there yet. You will know when they are seriously scared when they start selling treasuries.
Will it ever get to that point? Brad Setser makes the point that the bigger the boom the bigger the bust. And China had a big boom.