Yet the Chinese authorities seem not to have learned the lessons of either episode. Not only did they fail to mitigate the risks, underscored in the 2007 collapse, that new retail investors introduce into the market; they actually exacerbated them, by allowing, and even encouraging, those investors to accumulate leverage through margin buying.
然而，中国当局似乎没有从这两个事件中吸取教训。他们不仅没有减轻风险，如2007年的危机所警示的，控制新的散户投资者进入市场；而且他们实际上加剧了风险，通过允许甚至鼓励这些投资者通过保证金交易来累积杠杆。