the government, as part of what became known as a national team, to invest heavily in equities to try to steady the market. This failed comprehensively, investors interpreting this radical intervention as a sign that it was time to jump ship, resulting in even more spectacular losses. The Shanghai Composite Index (China’s equivalent of the Dow Jones Industrial Average) collapsed 32 percent in less than three weeks in July 2015. At its 2015 high, its market capitalization was $10 trillion; by September 2018, it was at $5.7 trillion. Markets were finally stabilized at much lower prices by early
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