It signals that the authorities are seriously committed to making the future different from the past. But if Chinese intervention is just a one-off event, and there are no expectations of it continuing, then this second channel shouldn’t be operative, and the impact will be smaller than that of QE.
另一个反对意见是量化宽松操作并不仅仅是通过所谓的投资组合渠道——通过改变市场中的证券的组合——进行的，也通过预期渠道进行。这表明当局十分认真地想让未来不同于过去。但如果中国的干预只是暂时事件，无人预期会持续进行下去，那么第二渠道就没有操作性，其影响也将小于量化宽松。