China’s fiscal stimulus might seem to be doing its job. Beijing and Shanghai’s introduction of tax breaks aims to stabilize the struggling property market, with initial signs of confidence returning in major cities. The property sector’s fragility, however, continues to weigh on broader consumer sentiment, which remains hesitant despite stimulus measures. On the trade front, China’s aluminum exports have rebounded in 2024, bolstered by global demand, signaling some resilience in industrial sectors.