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From semiconductors to electric vehicles, governments are identifying the strategic industries of the future and intervening to support them – abandoning decades of neoliberal orthodoxy in the process. Are industrial policies the key to tackling twenty-first-century economic challenges or a recipe for market distortions and lower efficiency?
北京—今年夏天以来，中国股市成为一个热门话题。急速上涨变成大崩盘，引发了全球股市大甩卖。现在的问题是如何防止进一步波动。
要回答这个问题，需要理解中国如何走到今天这一步。多年来，在当局的鼓励（或至少是默许）下，中国证券公司卯足了劲用各种新奇金融工具和做法推高指数，其唯一的目的是在股价上涨中收获资本利得（中国很少派发股息）。结果，在多年的熊市后，上证指数在不到七个月的时间里飙升100%度，从2014年11月的2,505点涨到今年6月的5,178点——这一水平是中国经济基本面无法支撑的。
助力这波涨势的最重要的工具是保证金交易。保证金交易让投资者大量借钱购买股票。据美国银行策略师崔伟的估计，7.5万亿元人民币的股票头寸来自保证金，“相当于A股市值的13%和流通市值的34%。”
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