But while margin financing, enabled by online platforms, amplified the risks of volatility, it alone could not cause such a crash. The real culprit is the government, which first fanned the flames of excessive investment, then suddenly tried to cut off the fire’s oxygen supply.
通过在线平台进行的保证金融资放大了波动风险，但光此一因素无法引起暴跌。真正的罪魁是政府，它一开始煽风点火导致过度投资，然后又突然釜底抽薪。中国的监管体系由人民银行、证监会、银监会和保监会组成，它们各自为政，这大大加剧了乱象。