The benefit of such policies to China is questionable these days. With its economy now so big, and its manufacturing trade surplus already so large, it is hard to imagine how foreign demand can make a big enough contribution to offset the faltering housing market. A focus on exports, however, fits with Xi’s goal of building Chinese strength in high-technology industry and his distaste for a stimulus aimed at domestic consumption. Encouragement for Chinese citizens to travel at home, rather than go abroad, is one example of how policy can divert demand away from other nations. Even if the diversion...