After this crisis, it became clear that this incentive was both toxic and precarious. The CSRC, as China’s capital-market regulator, together with other regulators, neglected to fulfill their proper mission: to create a robust institutional framework capable of sustaining strong investment.
中国证监会的监管目标过于狭窄，只知道用政策和讲话提振投资者信心和刺激市场参与度，以此为耻牛市。危机爆发后，显然这一激励有害又危险。作为中国资本市场监管者的证监会与其他监管机构都忽视了它们应有的责任：建立能够维持强劲投资的强大的制度框架。