Thursday’s “rebound” in Chinese shares means nothing. Prohibiting selling, forcing buying, and halting half of the market has an effect. It might also be possible to prop up an exchange consisting only of wind-up toys, strobe lights and hand puppets. What matters is not fiddled prices but how the real economy is affected — and whether it continues to benefit from reform.
中國股市周四的“反彈”說明不了什么。禁止售股、強迫買入以及半數股票停牌起到了作用。就算是一個只有發條玩具、閃光燈和布袋木偶的市場，要“托”起它也是有可能的?，F在最重要的不是虛漲的股價，而是實體經濟受到怎樣的影響——以及其能否繼續從改革中獲益。
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