Given past experiences with such bubbles, these policy mistakes are puzzling. I was in Beijing in the fall of 2007, when the Shanghai Composite Index skyrocketed to almost 6,000 (the recent peak was just over 5,000), owing partly to the participation of relatively inexperienced retail investors.
鉴于过去对这些泡沫的经验，这些政策的错误是令人费解的。2007年秋我在北京，当时上证指数飙升至近6000点（最近这波的高点是5000多点），部分原因是相对缺乏经验的散户投资者的大量参与。