Official media have gradually begun to adopt a cautious stance. If speculation cannot serve the real economy, then it is not the starting point for a healthy policy boost.

In the options market, which can fluctuate by hundreds of times, after the market is compressed to its extreme, policy and sentiment can lead to explosive rebounds. The decision-making at the top is well-intentioned, aiming to activate a large strategy that ultimately benefits enterprises, drives employment, increases tax revenue, and boosts consumption—achieving multiple goals at once!

However, the final outcome sees hundreds of shareholders cashing out and leaving, high-leverage speculation and arbitrage in options and futures, and deposits being moved into asymmetric games…

This is akin to setting up a casino without established or perfected rules, creating countless myths of sudden wealth, with capital maneuvering to lift the market (68% of A-shares are state-owned assets, including central and local enterprises). The atmosphere is built up, only to find that everyone has used up their vouchers and fled. It fails to bring substantial long-term value to the casino.

This situation is very similar to 2015, when in the first half of the year, state-owned enterprise reforms, the opening of the Shanghai-Hong Kong Stock Connect, multiple interest rate cuts by the central bank, and off-market financing led to a small climax. In the second half of 2015, however, leveraged funds withdrew, market interventions were made to stabilize the market, and reforms to the exchange rate mechanism led to a sharp drop due to circuit breakers. At that time, the chairman of the China Securities Regulatory Commission, Xiao Gang, had his son arrested due to collusion between domestic and foreign capital, charged with shorting China, and is still serving his sentence. There was also Xu Xiang from Zexi, who was arrested in November 2015. This is called asymmetric games because the real information and data are never known to ordinary people. So, what actual benefits have all these brought to real enterprises? Essentially, none.

To prevent minor issues from escalating, we must not follow the old path this time; such speculative events cannot occur. The key issue is how to effectively and efficiently guide capital to serve real enterprises, develop the real economy, and contribute to tax revenue and employment. This is a critical issue and currently the most challenging one, as Chinese people are very clever, and most are opportunists!

In the current national context, being an opportunist is the best strategy!

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