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China was wise to let markets stumble

Avoidance of intervention shows government is placing more faith in investors

| China

China is swamped by bad news. The coronavirus, now officially named Covid-19, overshadows everything. The bad news is moving from infection and death rates to the economic impact as the country tries to get back to work after the extended Lunar New Year break.

What commentators have missed in all the bad news was the welcome and encouraging inaction of the stock market regulator. After the market's holiday closure, observers were braced for significant market intervention and buying from the so-called national team of state-owned investors, but it never came.

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