The run-up in prices took place at a time when deposit interest rates were officially capped. When the alternatives are few and provide only low returns, the equity market looks more attractive, especially if – as was the case – the country’s major newspapers are running bullish editorials about stock prices.
中国股市的兴衰应该置于一个背景下去理解：中国家庭的储蓄选择十分有限。价格上升发生在存款利率被官方限定了上限时。当其他储蓄手段少之又少，并且只能提供低回报时，股市看起来很有吸引力，特别是当中国各大报纸纷纷发表牛市评论时——事实正是如此。