Analysis-Stimulus or bust: Investors staying out of China until the spending starts

Global investors fleeing China have one simple message for the country's leadership: put prudence aside for a short while, and start spending big. As they go from hope to disappointment and now capitulation, investors are losing patience with what they see as incoherent, slow and stingy measures by China to revive its sputtering economy and defuse a deepening property crisis. Modest interest rate cuts and vague promises of support for debt-mired property developers have failed to restore sentiment, and fund managers are turning adamant that they need to see more government money flowing before they consider returning.