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Opinion
The Editors

The Market Intervention China Needs

Shore up financial infrastructure, not share prices.
Investing for the long term.

Investing for the long term.

Photographer: Fred Dufour/AFP/Getty Images

Having put their credibility on the line by propping up the stock market, Chinese officials may now think they have little choice but to keep pouring resources into equities: Fears that the government might ease up are what seem to have sparked the rout earlier this week.

If Chinese officials are going to continue with this support, however, then they also need to look for ways to minimize the long-term damage of their intervention -- by strengthening China's market infrastructure, not just share prices.