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How the ghost of stimulus past in China haunts Li Keqiang

HONG KONG _ As China's leadership steps on the economic- stimulus gas pedal, there's one image in the rear-view mirror that looms large. Then-Premier Wen Jiabao's cabinet unveiled a $586 billion program to boost growth in the depths of the 2008 global credit turmoil, a move that opened the floodgates for a record debt surge that current Premier Li Keqiang and President Xi Jinping have had to cope with. Unlike that binge, Li and Xi are opting for targeted measures, more of which were unveiled last week. They included a tax cut for vehicle purchases, a reduction in the minimum down payments for first-time home buyers and a pledge of support for electric-car sales. While,...