In response to an FT article by Tom Mitchell, Gabriel Wildau and Josh Noble on 10th July 2015, entitled 'Equities: A bull market with Chinese characteristics'
Any 'market' that is only allowed to go up is not a market. It is a government entitlement programme. Government entitlement programmes take responsibility from the individual and place it with the state. Weakness, dependency, 'victimhood' and blame are the states of mind that ensue.
What is happening in China is a acute example of the state dependency virus that the Federal Reserve, the ECB, the BoE and the BoJ are have been injecting into western markets since 2008. The disease in the west is not yet acute, but after 7 years of upping the dose of monetary morphine, it is now chronic.
In China, half the stocks are suspended, the rest cannot be shorted, and cannot even be sold by large institutions.
In Japan the government is openly buying shares to prop up the Nikkei Ponzi Scheme. In the US, the government has been unofficially juicing the S&P for years.
These are not markets, they are crime scenes.