The Chinese government seems to have got it right by spending over 500 billion dollars on stimulating the domestic economy. The Chinese economy has grown at a healthy 7.9% in the June quarter this year, which is way above the 6.% recorded in the first quarter of 2009.
The Chinese government is most likely to cut down on the stimulus spends in the coming months, which might cut down the growth rate in the coming quarters. But it might be more than offset by the likely revival in the exports to US and Europe.
With the 7.9% growth rate, China continues to be the fastest growing economy in the world.