For years, with the authorities’ encouragement (or at least acquiescence), China’s securities companies spared no effort in pumping up China’s stock exchanges with fashionable financial instruments and practices, the sole aim being to realize capital gains from rising prices (dividends are rarely distributed). As a result, after years of poor performance, the Shanghai Composite Index soared by more than 100% in less than seven months, from 2,505 points in November 2014 to over 5,178 last June – a level that was not merited by China’s economic fundamentals.
要回答这个问题，需要理解中国如何走到今天这一步。多年来，在当局的鼓励（或至少是默许）下，中国证券公司卯足了劲用各种新奇金融工具和做法推高指数，其唯一的目的是在股价上涨中收获资本利得（中国很少派发股息）。结果，在多年的熊市后，上证指数在不到七个月的时间里飙升100%度，从2014年11月的2,505点涨到今年6月的5,178点——这一水平是中国经济基本面无法支撑的。