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Behind China’s Regulatory Disarray

Matt Kelly | August 5, 2015

More informed people than me can, and have, painted crisp pictures of the regulatory chaos currently unfolding in China. The latest is an excellent article in the Wall Street Journal today, “China’s Response to Stock Rout Exposes Disarray,” that is well worth your time if you do business there.

The most telling comment, according to the article, something said by premier Li Keqiang at an emergency meeting of finance and economic officials on July 4. Li gathered all his minions together and then ordered: “I want stronger measures to rescue the market.”

Take that sentence at its exact face value. Li didn’t say he wanted a fair stock market, or one that functions, or is transparent, or even just works in a predictable way. He wanted the Chinese government to push stock prices back to their nosebleed levels of earlier this year, period.

The...

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