BloombergView, July 6, 2015
China’s government says it wants to increase the role of market forces in the economy. In the past few weeks, it’s been frantically doing the opposite — responding to a collapse in stock prices with a battery of measures to halt the slide. The interventions brought a moment’s respite at the start of this week. Yet the sheer breadth of the authorities’ response underlines the contradiction in Chinese policy. Stock markets rise and fall: Why have a market at all, if you’re only willing to let prices go up? […read more]