{"id":"asset_a32056a6b93a","source_id":"c124fd8b-5812-4cff-a0ae-56f8156bd735","origin":"dropbox","type":"text/plain","category":"text","name":"08-china-2015.txt","path":"/08-china-2015.txt","size_bytes":3883,"title":"08 china 2015","description":"This document examines China's 2015–2016 stock market crash and the state's response, analyzing whether emergency interventions—including trading halts, sales bans, and state-directed purchases—effectively stabilized the market or damaged its credibility. It provides specific data on market movements, leverage volumes, and policy mechanisms, with detailed examination of how safety mechanisms paradoxically accelerated the sell-off.","extracted_text":"# The Circuit Breaker That Caused the Panic: China, 2015–2016\n\nThe Shanghai Composite rose 150 per cent in the year to June 2015 and then fell\nmore than 40 per cent in ten weeks. Roughly $5 trillion of value was destroyed.\nThe state's response — banning large shareholders from selling, suspending\ntrading in nearly half of all listed companies, instructing brokerages to buy,\nopening central bank credit lines to a state-backed purchasing vehicle,\narresting a journalist who had reported on the sell-off — was among the most\ndirect interventions in a major market in modern history.\n\nThe bubble was, unusually, official. State media had spent 2014 and 2015\nencouraging retail participation, framing equity ownership as patriotic and as a\nroute to funding corporate deleveraging. Retail investors, who account for the\noverwhelming majority of turnover in mainland markets, responded — many opening\naccounts with no prior experience, a substantial share without a high school\neducation. They bought wi","attributes":{"dropbox_file_id":"id:1EL26tM-qg4AAAAAAAAADw"},"usable_for":["research reference","content source","writing style reference","fact extraction"],"price_sats":{"card":0,"full":1100},"content_available":true,"available":true,"addedAt":1787789253167}