The fear is that the recent stock-market crash may have spooked the government, causing it to slow the pace of reform, including efforts to open up China’s capital account. Whether reform momentum is maintained will depend largely on whether the government recognizes that the crash was the result of a regulatory failure, or remains adamant that it was the work of some nefarious foreign force, determined to destroy the Chinese economy.
令人担忧之处是最近的股市暴跌可能让政府感到恐慌，导致其放缓改革步伐，包括开放中国资本账户的措施。改革势头能否保持下去在很大程度上取决于政府是否认识到股市暴跌是监管失灵的结果，还是仍坚持认为它是别有用心、以破坏中国经济为目的的外部势力的“杰作”。