As China wrestles with sluggish domestic demand and slowing economic momentum, a perplexing question arises: Why has Beijing refrained from deploying direct stimulus to help its consumers? Putting cash directly into the hands of citizens — as the U.S. government did during the pandemic — appears an obvious remedy to invigorate spending and rejuvenate the economy. Yet, Chinese policymakers have consistently eschewed this route. Some attribute this reluctance to ideology, pointing to Xi Jin