I think the Chinese have to be real careful here. Their banks are perceived to be safe from the ups and downs of markets. They have regulated them well. But I would they have to be concerned that they are making it too easy to get loans. If they push things too much -- and they certainly can -- the price of oil will probably spike. If that happens, the chances of a W recovery increase substantially. Which means that those loans they are making would be tested in the downside.
To answer your question: the chinese government has a vested interested in not letting things get out of control. They have to be concerned about the stock market booming to a significant extent propped by their policies. They have a pretty good track record of acting rationally.
The idea that the chinese economy can be powered on its own just like that is probably premature. That will come sure, but at this point they still need the US. Trying to race ahead would be dangerous.
This is actually interesting. Rational behavior as I suspected. The government is saying one thing but:
Huang Yiping of Peking University said the central bank had been telling commercial banks to slash their lending. The new central directives were not strict credit quotas but "more like window guidance", he said
"The People's Bank and policy makers have been reluctant to announce a change in macro policy until they are sure the recovery is strong and sustainable," Professor Huang said.