Markets roared their approval to China’s stimulus package on Monday. The local stock market surged over 7 per cent; London mining companies followed suit and the Aussie dollar jumped. Meanwhile, the risk-averse yen slipped and base metals were off to the races – nickel was up 11 per cent and copper 8 per cent.

The reaction doubtless delighted Beijing policymakers, who would have recalled the limp response in New York to some of US Treasury secretary Hank Paulson’s cheques. And, at face value, there is room for cheer. Over two years, the country responsible for a good slug of global economic growth will spend some $586bn, or a sixth of gross domestic product, to keep its engines firing. It will build more railways, airports and houses, putting laid-off labourers back to work and ensuring continued demand for commodities.