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There was a sigh of relief from investors around the world this week as China's turbulent stock market regained some confidence after losses of more than 20% in just a few days. In China itself, one of the most extraordinary things about the world's second biggest economy is that when it faces a crisis like this one, the leadership carries on in public as if nothing has happened.
Kerry Gracy in Beijing says the country's political leaders made no mention of it. The mainstream media avoided the subject and government censors made sure the debate on social media was kept within firm boundaries.
Over the past week, it's become abundantly clear that the economic decisions made by the Chinese political elite affect not just the 1.4 billion people here; they have serious consequences for the rest of the world as well. And those decisions are made in secret by a handful of men, so different from any other major economy, where the causes of a stock market crisis and the competing solutions would have been thrashed out day in day out for the past two months. "Was it wise," they'd have asked, "to pour leveraged funds into such an inexperienced market at such an astonishing rate? Was it well-judged to deflate a credit bubble by creating a stocks bubble? Was it fair to make small investors feel paper-rich in an effort to get them to save less and spend more?" There were no answers to any of these questions on Chinese National TV this week. | 
发表于 2016-9-18 21:52:56