中国股市有三类投资者，即新手、幼稚投资者和极度投机者。就股市泡沫而言，中国的政策效力取决于哪种类型的投资者居于主导地位。当前，中国似乎采取了试错法，对三类投资者采取了不同对策：教育新股民，与幼稚股民沟通，对极度投机者则是拒绝救助。提高印花税是政府又一次力图与市场进行沟通的举措。如果股市继续如过去几个月那样高速攀升，政府将会出台更有力的举措。  

新手: Novice,
幼稚投资者: Naive 
极度投机者: Super-Speculative
股市泡沫: the current stock market bubble
政策效力: the effectiveness of the policy measures 
主导地位: be dominant (转性）
试错法：a trial-and-error approach
教育：education
沟通：communication
拒绝救助：no salvation
印花税：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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