China’s market is broken. Not the way the New York Stock Exchange broke for four hours on Wednesday, and not merely because China’s government is doing everything short of sending in tanks to make shares go up. It is broken because the indices everyone uses to measure the market are entirely disconnected from what’s actually happening.
中國股市失靈了。這一失靈和週三紐約證交所(NYSE)因技術故障而暫停交易四小時不是一回事，其原因也並不止是中國政府採取了一切措施救市（就差沒派出坦克了）。中國股市之所以失靈，是因爲每個人都在使用的、用來衡量股市的指標已與實際情況完全脫節。
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