As China’s markets expand – the capitalization of the Shanghai and Shenzhen markets is on the order of $11 trillion – they are increasingly outstripping policymakers’ capacity to manage prices and valuations. The only practical way forward is for the Chinese authorities to focus on regulatory and institutional development, while following through on their commitment to allow markets to play the decisive role in allocating resources.
随着中国市场的扩大——上海和深圳股市的市值是11万亿美元——它们越来越超出政策制定者管理价格和估值的能力。唯一切实可行的办法是，中国政府要把重点放在监管和机构发展上，同时承诺让市场在资源配置中发挥决定性作用。