The renewed slide in the Shanghai Composite Index yesterday has set nerves a-jangle. For China bears, the 20 per cent fall since August 4 – twice as severe as the three corrections in the run-up to the 2007 crash – is evidence that this year's lending splurge is channelling capital in the wrong directions. For bulls, a brief pause this week in the sell-off indicates China's recovery will not be easily derailed.
上證綜指昨日再度暴跌，令投資者神經緊張。對于中國股市的空頭來說，8月4日以來上證綜指20%的跌幅——幅度為2007年股市崩盤之前三次回調的兩倍——證明，今年的放貸熱潮將資金投錯了地方。對于多頭來說，本周市場跌勢一度停頓，表明中國的經濟復蘇將不會輕易脫軌。
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