Let's spare the bazooka

China's latest effort to shore up the economy and buttress markets is commendable — all the more so if the follow-up is resolute.

- DANIEL MOSS

In tough times, it's vital policymakers get ahead of markets, or at least don't allow themselves to be seen as constantly playing catch-up. Taking the initiative counts, but military metaphors only go so far. They can obscure as much as enlighten.

The package rolled out Tuesday was noteworthy in content and delivery. Markets were enthusiastic, at least for a day. Battlefield imagery was everywhere: A stimulus "blitz" had been unleashed. The measures, which included an interest-rate cut and steps to assist the stock market, amounted to a "barrage." Cash handouts will be given to people in extreme poverty. And, of course, no policy shift would be complete without "bazooka." That tag probably shouldn't be used to bestow praise. It has a tumultuous history.

The individual GI's anti-tank weapon from World War II has been used as a descriptor to hail responses as varied as the Bank of Japan ramping up quantitative easing a decade ago and Mario Draghi's race to keep the eurozone intact. Understanding the B-word and some of its tangled deployment is useful for figuring what may come next, and why there is likely no single solution to China's challenges.