Unpacking stimulus measures

During the past few weeks, China has announced a raft of policies to bolster the economy, as part of its sweeping efforts to deepen reform and opening up. Various government departments at the highest level have been taking bold steps to boost capital markets and shore up the real estate sector. And the markets have been very reactive. What key measures have been announced? How significant will these policies be? What do they say about the fundamentals and the direction of China's economy?