In this regard, however, the stock-market bubble that developed in the first half of the year should be viewed as an exception. Not only did Chinese regulators enable the bubble’s growth by allowing retail investors – many of them newcomers to the market – to engage in margin trading (using borrowed money); the policy response to the market correction that began in late June has also been highly problematic.
然而，从这个角度看，今年上半年爆发的股票市场泡沫应被视为一个例外。不仅因为中国监管机构允许散户投资者——其中很大一部分都是第一次炒股——（用借来的钱）从事融资融券交易促使泡沫增长；而且6月下旬开始的响应市场回调的政策也存在极大问题。