The long-term systemic impact of China’s interventionist approach may be even more serious than the stock market’s current decline. Few want to invest in a market where the government can change the rules of the game at any time, especially if they have had first-hand experience of being blocked from trading at a crucial moment.
中国的干预主义方针的长期系统性影响也许比股市的当前下跌更加严重。没人愿意在政府可以随时更改游戏规则的市场上投资，特别是他们获得了在关键时刻被禁止交易的第一手经验。更糟糕的是，中国投资者不像其他市场上的投资者那样可以获得那么多信息。像上海这样的高度组织的金融市场有可能与极权体制相容吗？