Wang Lijun

Earlier this month, Chinese authorities were forced to temporarily suspend trading of shares in the online unit of the People’s Daily newspaper, the official mouthpiece of the ruling Communist Party. The price had soared so rapidly since the website’s April debut on the Shanghai Stock Exchange—giving it a greater market value than the New York Times—that it triggered regulatory rules aimed at halting speculative manipulation. This development is just the sort of absurd extreme that comes shortly before an economic bubble bursts.

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