I live there, and I think you are not far off the mark. Why?<p>In China, 1.4 billion people basically cede total responsibility for fiscal literacy and policy to the government, almost no questions asked (ever). That is a very different reality from the west. Hence, you cannot apply traditional western modes of analysis to the mainland Chinese domestic financial world.<p>I believe that such a perspective is in keeping with Soros&#x27; philosophy, ie. viewing the market not via false analogy with Newtonian physics (ideas of &#x27;equilibrium&#x27;, etc.) but instead as a large group of imperfectly informed actors: crowd psychology.