Twice last week China´s stock markets were forced to stop trading, sending panic signals across the globe. That drove even economist Arthur Kroeber to despair, writes the Washington Post. China´s financial authorities did not learn their lessons from last year´s disaster, he writes.
The Washington Post:
The performance of China’s stock market is not closely linked to the rest of its economy, but a year of market turmoil has called attention to the country’s economic slowdown and raised worries about the government’s game plan.
“We began 2016 thinking that Chinese policymaker had absorbed the lessons of the last year’s stock market intervention and currency panic,” wrote Arthur Kroeber, managing director of Gavekal Dragonomics in Beijing.
“Obviously,” he added, “last week’s mayhem proved us wrong.”
The rout appeared to be linked to weak economic data and concerns about the currency, but was exacerbated by a ham-fisted attempt to regulate the market.
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