中國股市有三類投資者，即新手、幼稚投資者和極度投機(jī)者。就股市泡沫而言，中國的政策效力取決于哪種類型的投資者居于主導(dǎo)地位。當(dāng)前，中國似乎采取了試錯法，對三類投資者采取了不同對策：教育新股民，與幼稚股民溝通，對極度投機(jī)者則是拒絕救助。提高印花稅是政府又一次力圖與市場進(jìn)行溝通的舉措。如果股市繼續(xù)如過去幾個月那樣高速攀升，政府將會出臺更有力的舉措。 ?

新手: Novice,
幼稚投資者: Naive?
極度投機(jī)者: Super-Speculative
股市泡沫: the current stock market bubble
政策效力: the effectiveness of the policy measures?
主導(dǎo)地位: be dominant (轉(zhuǎn)性）
試錯法：a trial-and-error approach
教育：education
溝通：communication
拒絕救助：no salvation
印花稅：stamp duty

The same liquidity story that kept the insolvent banks afloat for so many years is being used by some mainland investors as an argument for the sustainability of the current stock market bubble. We think that the effectiveness of the policy measures taken by the authorities to cool the market depends on which type of mainland investor is dominant. The Chinese authorities appear to be taking a trial-and-error approach, which we expect to feature three elements: education for the novice, communication for the naive, and ‘no salvation'for the super-speculative. The Ministry of Finance raised the stamp duty on stock transactions. We view this as yet another communication effort from the authorities to signal their discomfort with the stock market. If the stock market continues to rise as rapidly as it has done in the past few months, we'd expect the authorities to escalate their efforts to cool it off.?

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