First of all China’s average Monthly Money supply has more trippled in the last decade. I agree it must pick up but its by no means sluggish.

The real issue rn is the sluggish credit cycle. Who is generating the debt that drives the exponential increase in money circulation that you want now that you (China) are killing land finance. What is the asset base backstopping financial activity that goes hand in hand with that money generation now that land is not the fulcrum? Helicopter money drops still require central bank operations to issue a ledger, aka debt. No market economy has a choice on this matter. You either generate collateralized asset to drive money circulation or you don’t have a market economy. China right now is a market economy through and through. The USSR in the 30s and 40s ? Orders of magnitude less so. A weakness to that comparison to keep in mind

So, one should think of land sales in the Chinese economy the same way one thinks of Treasury Bills in the US economy. T Bills are the US’s unique magic sauce. That’s what the US economy discovered when FDR made war bonds go BRR. Capital formation is whatever collateral you can issue as a promise for future repayment. It doesn’t need to be land. China is trying to shift the basis of capital formation from land sales to more abstract financial instruments but it cant happen overnight. What is needed is a new ,mature, credit generation mechanism that fits China’s current state of development,administrative capacity and local finances.

Details MUST be very ironed out before attempting such expansions. Sure China is attempting to develop their bond market for example and is slowly itching twoards tax reforms but its not nearly there to support what you are advocating. Comparing it with a mid 30s NON capitalist, non market, massively planned and non globalized /financialized to the slightest USSR economy (with completely different resources and demographics as well as regional disparities and levels of development) doesnt help. Until local finances are sufficiently unlinked from land sales and the bond markets and tax system are sufficiently mature and reformed what you are saying cant happen. Restructuring must come first before any large monetary expansion but also happen slow and controled enough to not cause a bigger crisis. A delicate balance but one that China is walking at the momment quite efficiently

Many chinese economies advocate (more conservatively) for the direction you describe ,even before and during this plenum. The holdup is in the details of what the specific circulation and dept generation mechanisms will be and how they should work, how to steer them to the right kinds of activities and behaviors, use of credit, resources mobilised, the system’s turnover velocity etc