the Chinese financial crisis of 2015. The event marked the beginning of the second transition in political and economic policy during the Xi Jinping period. That summer, Chinese authorities struggled to manage a stock market bubble driven by excessive liquidity and financially illiterate investors. The proliferation of margin-lending practices by individuals and corporations borrowing heavily from financial institutions to make investments in dubious asset classes (in what was assumed to be a permanently booming economy) soon turned into a disaster on Chinese equities markets.
