随着中国市场的扩大——上海和深圳股市的市值是11万亿美元——它们越来越超出政策制定者管理价格和估值的能力中国经济增长模式所产生的问题在近期广受关注,而中国股市最近的直线下跌使它们成为了更为尖锐的焦点问题。鉴于过去对股市泡沫的经验,中国的一些政策的错误是令人费解的。2007年秋我在北京,当时上证指数飙升至近 With the expansion of the Chinese market - the market capitalization of Shanghai and Shenzhen stock markets is 11 trillion US dollars - they are more and more out of the ability of policy makers to manage prices and valuations The problems arising from China’s economic growth pattern have drawn much attention in the near future, The recent plunge in China’s stock market has made them a more acute focus. Given the past experience of the stock market bubble, some of China’s policy mistakes are puzzling. I was in Beijing in the autumn of 2007, when the Shanghai index soared to near