Chinese policymakers trying to fire up growth in the world’s second-largest economy appear intent on smashing through a wall of debt that poses a systemic financial risk and on not repeating past mistakes in delivering fiscal stimulus.

China’s economic growth target of 5% this year is looking ambitious, given sluggish consumer spending, an uncertain outlook for the country’s exports and a still shaky property market. Beijing responded in late September with a package of stimulus measures that prompted a historic stock rally.

While the Chinese government has recently enacted stimulus measures to revitalize its flagging economy, many investors and economists remain skeptical on its impact.

Meanwhile, one expert suggested that investors are misunderstanding China's intent in providing the stimulus boosts. According to Arthur Kroeber, founding partner of Gavekal Dragonomics, Beijing's intent isn't to accelerate the economy by enabling consumers, but simply to stabilize it.

After four miserable years, stock market in Hong Kong and mainland China are finally soaring, but whether benefits from the economic stimulus measures announced in September spread beyond stock investors and into the real economy have yet to be seen.