China's $114 billion stimulus has some investors excited, but it's lacking support for the country's discouraged consumers.

Yields on Chinese government debt are hovering near multi-decade lows as investors remain unconvinced by stimulus efforts.

Skeptics have been out in force since China rolled out aggressive stimulus measures last week to prop up its ailing economy and markets. It's just not enough to reverse the magnitude of China's problems — including an epic property crisis and high youth unemployment — they say.