It seems clear that the extraordinary run-up in equity prices was fueled by a surge in margin financing of stock purchases, which was legalized in 2010-2011 and encouraged by the PBOC’s monetary easing since last November. Likewise, there was plenty of support for the bull market in government-sponsored news media, for example.
毫无疑问，这一说法有些道理。显然，股价的反常暴涨受保证金融资买股激增的推动，这一行为在2010—2011年被合法化并受到人民银行去年11月的货币宽松的鼓励。类似地，官方媒体等也大量宣传对牛市的支持。