China’s equity market is at an inflection point. If Monday’s intervention from Central Huijin to buy shares in the country’s four biggest banks proves to mark a bottom for stocks, then the market would be confirmed as a giant bet on the timing and trajectory of government meddling. If, on the other hand, prices keep meandering sideways and downwards from here, it is a sign that the market is maturing. No amount of coercion from the government can overcome fears over US/European Union recession, domestic inflation, a property crunch and rising bad loans.
中國股市正處于一個轉折點上。中央匯金公司周一增持中國四大銀行股份這一干預舉動，如果標志著股市觸底反彈，那就證實中國股市是對政府干預時機和軌跡的豪賭。另一方面，如果此后股價橫盤整理震蕩，或再度下跌，那將是中國股市走向成熟的表現。來自政府的任何強迫行動，都不能讓市場克服對于美國/歐盟經濟衰退、國內通貨膨脹、樓市緊縮和不良貸款上升的恐懼。
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