8. Stock market crash
China's stock market endures a turmoil this summer. Photo: CFP
China’s retail investors plunged into panic this summer when the stock market suffered the largest slump since 1992.
The authorities came up with a basket of rescue measures in a desperate rush to halt the slide, including suspending IPOs, banning selloffs and injecting billions of dollars to keep the market afloat. The anti-corruption drive also expanded to the financial sector as several big shareholders were under investigation for violating stock-selling rules.
It is true that the stock market has dropped 40 percent from its peak, but many ignored when it rose by 150 percent within the last year. Despite the turmoil, China’s equity market is still up by 50 percent from last year.