In more developed economies, such as the United States and Europe, many institutional investors – who tend to be focused on long-term fundamentals – help stabilize stock markets. By contrast, the Chinese markets are dominated by retail investors, who are more likely to pursue short-term gains and engage in momentum trading, thereby exacerbating volatility and creating a greater disconnect between equity prices and real economic growth.
最近几个月中的股价波动与其说与中国经济基本面有关，不如说与中国股市的特殊性有关。在更发达的经济体（如美国和欧洲），众多机构投资者——他们往往专注于长期基本面——有助于稳定股市。相反，中国股市由散户主导，他们更有可能追求短期收益，参与动量交易，从而放大的波动，在股市和经济增长之间制造出更大的失联。