Trillions, schmillions. What matters, of course, is the multiplier effect – how government money will trickle into jobs, wage packets and shops - especially now even the World Bank has cut it forecast for Chinese GDP growth next year, to 7.5 per cent. China earlier this month unveiled its $590bn package, of which perhaps one-quarter represents “new” spending. That focused on investment, specifically through infrastructure and housing. The latest measures, expected to be announced as part of the Central Economic Policy Conference beginning this week, may well turn out to be mere elaboration: providing more detail and perhaps some more dollars too. Nonetheless, early soundings offer some reason for cheer. Measures reportedly include wage increases in the state sector, tax breaks, bigger housing subsidies and improvements to the healthcare system. All would put more money in consumers' pockets.