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The concepts of calm and serenity loom large in Chinese culture. That includes its stock market regulators, who are taking steps to support the domestic A-share market during the National People’s Congress.
中国文化讲究静气和定力。身处这种文化之中的中国股市监管者，正采取措施在全国人大(NPC)会议期间支撑国内A股市场。
Bloomberg reports that large mutual funds are banned from making net sales of stock, while state-backed investors are poised to step in should the market drop. The move recalls a 2015 measure to prevent big shareholders from selling stock.
彭博社(Bloomberg)报道称，大型共同基金被禁止净卖出股票，而国有背景的投资者已准备好在股市下跌时出手托市。此举让人想起2015年中国禁止大股东卖出股票的举措。
That was in response to a market rout, whereas the latest move is precautionary window-dressing ahead of a sensitive political event. Both are part of a broader support operation. A “national team” buys shares when needed. New flotations — the state influences both the timing and the pricing of these — are often engineered to produce large first-day gains. Companies have wide latitude to suspend their own shares.
彼时的举措是为了应对市场暴跌，而最近的举措是在敏感的政治事件之前预防性烘托气氛。两者都是更广泛的支撑行动的一部分。“国家队”在有需要时购入股票。新上市的股票（新股发行的时间和定价都受到国家影响）经常被操作为在上市首日大涨。公司有很大的自由将自己的股票停牌。
A stock market in which the state is both promoter and regulator is unlikely to be particularly investable. Capital controls were the main reason that A-shares were denied entry to MSCI’s emerging markets index last year. But the extent of political involvement in the stock market cannot have been helpful either.
国家既是支持者又是监管者的股市，不太可能特别值得投资。去年，中国A股被MSCI明晟新兴市场指数拒绝纳入的主要原因是资本管制。但政治因素对股市的渗透肯定也是原因之一。
Still, western critics of such crude manipulation no longer have the moral high ground. Many countries arbitrarily banned short selling during market gyrations. Listing Snap shares with zero voting rights has hardly been a great advert for the US IPO process. The UK has conjured a house price bubble to make voters feel richer. The US allowed a speculative frenzy in asset markets and then socialised the resulting losses.
然而，批评这种直白操纵行为的西方人士不再占据道德高地。很多国家曾在市场波动期间粗暴禁止卖空。Snap发行不具投票权的股票，几乎很难算得上美国首次公开发行(IPO)流程的什么好广告。英国变戏法似地制造出一个房价泡沫，让选民们感觉自己变得更富有。美国放任资本市场的投机狂潮，然后让全社会共担由此导致的损失。
From Washington to Tokyo, central banks and governments have used the state’s money-creating power to depress the prices of safe assets and inflate those of riskier ones, generally enriching the already well-off in the process. Those living in glass houses should be wary of throwing stones, even at obvious targets.
从美国到日本，央行和政府一直利用国家发行货币的权力，打压安全资产的价格并推高风险较高的资产的价格，在此过程中让那些原本就富有的人普遍变得更加富有。乌鸦别笑猪黑，哪怕猪真的很黑。
