Last December, after two years of a “slow bull” market, People’s Daily, the mouthpiece of the Chinese Communist Party, announced the arrival of a so-called “reform bull” market that would push the Shanghai Composite Index far above 4,000. This convinced practically everyone that a “big bull” market, possibly lasting a decade, had begun and spurred investors to buy stocks at already-high prices.
去年12月，在经历了两年“慢牛”后，中共喉舌《人民日报》宣布所谓的“改革牛”市的到来将让上证综指远远超过4,000点。这几乎让所有人相信，也许将持续十年的“大牛”市已经开始，投资者纷纷购买价格已经相当高的股票。换句话说，当局助长了泡沫。