The party's over

China''s collapsing A- share market does not mean the reforms are wrong.

China's stock markets have become something of a joke in the past two years. Constantly testing new lows, and seemingly impervious to government reform efforts, many wonder when the slide will stop.

The latest reforms seem to have only made things worse, with the A-share market plunging to eight- year lows. To many observers, that proves the reforms are wrong. After all, is it not axiomatic that reforms that cause the market to drop are undesirable

Recall that four small but profitable test companies owned by a mixture of private investors and local provincial governments have been chosen to pioneer the conversion of previously un-tradable state shares...

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