Exhibit B in the case against attributing financial developments in China to government intervention is the stock-market bubble that culminated in June. According to the conventional wisdom, the authorities consistently intervened not only to try to boost the market after the collapse, but also during its year-long run-up, when the Shanghai Stock Exchange composite index more than doubled.
认为不应将中国金融发展态势归咎于政府干预的第二个证据是在6月达到顶峰的股市泡沫。从传统智慧来看，当局一直在干预，不但包括市场崩溃后的救市措施，也包括在长达一年的涨势期间的干预。在此期间，上证综合指数几乎翻番。言下之意是，中国决策者，特别是股市监管者，对于泡沫只能责怪自己。