Market Mania In China

Stocks remain a wild gamble, but millions of unsophisticated investors are rushing in

It's a frigid Tuesday morning, and China's capitalists are just getting warmed up. The Baijiazhuang branch of the Citic Securities brokerage in eastern Beijing is packed with more than 100 investors milling around the unheated room. They sip green tea while perusing pages of the China Securities Journal plastered on the wall or gaze up at ticker screens overhead. Some punch orders into grimy PC terminals, while others sit under No Smoking signs puffing on cigarettes and playing Chinese chess.

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