With China at risk of tipping into prolonged stagnation and a spiraling property crisis threatening financial stability, there is growing unease over why its leaders are not rushing to revive the world's second-largest economy.

Even in a country known for opaque and drawn-out decision-making, investors, analysts and diplomats are pointing to signs that Beijing seems hesitant to deliver the bold policies needed to prop up an ailing post-COVID recovery.

This is not just an economic problem but a geopolitical one.