While the stresses on China’s economy are real and comprise multiple dimensions, one factor keeps returning to the fore to stymie the country’s planned and managed economic policies: the reluctance of local officials to take chances.

Despite Beijing’s repeated pleas for local-level authorities to help ward off the economic headwinds, there appears to be a degree of political inertia as many local officials are taking a wait-and-see approach in the lead-up to this month’s twice-a-decade party congress.

Uncertainty over how China’s political leadership will shape up under President Xi Jinping has made local cadres apprehensive about costly missteps.

No one at the local level wants to take a chance and do something to stimulate the economy, which makes Beijing’s efforts at economic stimulus that much more difficult to carry out.