Douse with paraffin, light taper, stand back. China's moratorium on initial public offerings is over: Guilin Sanjin, a traditional medicine maker, is the first cleared for lift-off. With the Shanghai Composite Index up 58 per cent in the year to date, the world is gagging for all things Chinese, not least stimulus spending, economic growth and now, Beijing hopes, IPOs. Nice idea. But Shanghai is a stop-go market at Beijing's whims.
浸透煤油、插上引信、退後點火。中國對首次公開發行(IPO)的臨時禁令終於取消：中成藥生產商桂林三金藥業(Guilin Sanjin)成爲首家獲准上市的公司。鑑於今年迄今上證綜指累計上漲58%，世界屏息關注中國的一切動態，包括刺激支出和經濟成長率，如今北京希望IPO也能吸引關注。這個想法不錯。但上海股市的特徵是受北京政策變動的支配而停停走走。
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