Why stimulus won't stimulate

The problem is confidence, but, more specifically, it is a concern that the government can and will keep changing the rules. Generally speaking, once money finally gets onto the sidelines, the safety differential magnifies the lack of visibility on tax rates, interest rates, and other long-term factors that investors need to have a handle on to make investment decisions.

Even new capitalists get this.

China Shuns Investments in West’s Finance
Sector
Mr. Lou said that the sheer pace of new initiatives and new rules issued by Western regulatory agencies was disconcerting and made it even harder for him to choose worthwhile investments. “If it is changing every week, how can you expect me to have confidence?” he asked.

http://www.nytimes.com/2008/12/04/business/worldbusiness/04yuan.html?_r=1&ref=business