The history of China’s stock markets is one of successive booms that ended in tears, most recently in 2015, when the benchmark dropped 47 per cent in a matter of months. But evidence is mounting that there is something new about this latest rally, which means it could have much further to run. It is worth considering whether this time really could be different.
中國股市的歷史，就是一次次牛市慘淡收場的周而往復。最近一次是在2015年，當時基準股指在幾個月內下跌了47%。但越來越多的證據表明，最近的這輪上漲有一些新的東西，這意味著它可能走得更遠一些。這次是否真的會有所不同，是個值得認真考慮的問題。
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