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Opinion
Shuli Ren

What’s Eating China’s Stock Market? Everything

Policy paralysis makes a national team rescue unlikely.

Green for danger: The Shanghai and Shenzhen composite indexes.

Green for danger: The Shanghai and Shenzhen composite indexes.

Photographer: Qilai Shen/Bloomberg

As the American stock market stages its longest bull run in history, investors in China can only look on with envy.

In preparation for a lengthy trade war with the U.S., Beijing has shifted back to a pro-growth stance. The People’s Bank of China revived a measure to support the weakening yuan, while the Ministry of Finance is ready to build infrastructure again. An income-tax cut for the middle class is back on the table.