{"id":11447,"date":"2007-02-28T23:06:20","date_gmt":"2007-03-01T06:06:20","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/2007\/02\/28\/behind-chinas-stock-meltdown-bill-powell\/"},"modified":"2007-02-28T23:06:20","modified_gmt":"2007-03-01T06:06:20","slug":"behind-chinas-stock-meltdown-bill-powell","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/","title":{"rendered":"Behind China&#8217;s Stock Meltdown &#8211; Bill Powell"},"content":{"rendered":"<p><a href=\"\/wp-content\/uploads\/mt-old\/china_stock02282.php\" onclick=\"window.open('http:\/\/chinadigitaltimes.net\/china_stock02282.php','popup','width=360,height=234,scrollbars=no,resizable=no,toolbar=no,directories=no,location=no,menubar=no,status=no,left=0,top=0'); return false\"><img loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/mt-old\/china_stock0228-thumb.jpg\" width=\"200\" height=\"130\" alt=\"\" \/><\/a><br \/>\nFollowing Black Tuesday, some explanations, from Time Magazine:<\/p>\n<blockquote><p>Chen Jing was one of the lucky ones. The 56-year-old retiree, who lives in Shanghai, dabbles a bit in local stocks, exchanging investment tips with what she calls her &#8220;mah jong friends,&#8221; a group that gets together each week to play and chat. Just before the Chinese New Year holiday last month, one of her friends spoke ominously of rumors that China&#8217;s government was planning a crackdown on stock speculation, including a possible tax on capital gains. Over the past 18 months, Chen&#8217;s small portfolio had almost doubled in value as the Shanghai market shot straight up. So she decided to pull the plug, suddenly afraid it would all go wrong. &#8220;I sold everything just before the holiday,&#8221; she says, and was blithely unaware that the Shanghai stock index plunged 8.8% on Feb. 27, its biggest one-day drop in a decade.<\/p>\n<p>Rollercoaster rides are not unusual for China&#8217;s stock markets, which sometimes resemble a casino in Macau. What happened next, however, was decidedly unusual: investors in New York&#8217;s equity markets woke up, saw that Shanghai had tanked, and had a collective heart attack: they sent the Dow Jones industrial average down more than 400 points, its biggest single-day drop since Sept. 17, 2001 &#8221; the first trading session after the terrorist attacks of 9\/11. <a href=\"http:\/\/www.time.com\/time\/business\/article\/0,8599,1594488,00.html?xid=rss-topstories\">[Full Text]<\/a> <\/p><\/blockquote>\n<p>Read also: <a href=\"http:\/\/www.fabricegrinda.com\/?p=176\">What&#8217;s going on in China: A guide to macro-economics<\/a> from Musings of an Entrepreneur blog.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following Black Tuesday, some explanations, from Time Magazine: Chen Jing was one of the lucky ones. The 56-year-old retiree, who lives in Shanghai, dabbles a bit in local stocks, exchanging investment tips with what she calls her &#8220;mah jong friends,&#8221; a group that gets together each week to play and chat. Just before the Chinese [&hellip;]<\/p>\n","protected":false},"author":117,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[4534,388],"class_list":["post-11447","post","type-post","status-publish","format-standard","hentry","category-economy","tag-black-tuesday","tag-stock-market","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Behind China&#039;s Stock Meltdown - Bill Powell<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Behind China&#039;s Stock Meltdown - Bill Powell\" \/>\n<meta property=\"og:description\" content=\"Following Black Tuesday, some explanations, from Time Magazine: Chen Jing was one of the lucky ones. The 56-year-old retiree, who lives in Shanghai, dabbles a bit in local stocks, exchanging investment tips with what she calls her &#8220;mah jong friends,&#8221; a group that gets together each week to play and chat. Just before the Chinese [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/\" \/>\n<meta property=\"og:site_name\" content=\"China Digital Times (CDT)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ChinaDigitalTimes\" \/>\n<meta property=\"article:published_time\" content=\"2007-03-01T06:06:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/mt-old\/china_stock0228-thumb.jpg\" \/>\n<meta name=\"author\" content=\"Gao Fei\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cdt\" \/>\n<meta name=\"twitter:site\" content=\"@cdt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gao Fei\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/#article\",\"isPartOf\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/\"},\"author\":{\"name\":\"Gao Fei\",\"@id\":\"https:\/\/chinadigitaltimes.net\/#\/schema\/person\/2fd8e64d214925584dec1620ab3fdcd6\"},\"headline\":\"Behind China&#8217;s Stock Meltdown &#8211; Bill Powell\",\"datePublished\":\"2007-03-01T06:06:20+00:00\",\"dateModified\":\"2007-03-01T06:06:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/\"},\"wordCount\":240,\"publisher\":{\"@id\":\"https:\/\/chinadigitaltimes.net\/#organization\"},\"keywords\":[\"Black Tuesday\",\"stock market\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/\",\"url\":\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/\",\"name\":\"Behind China's Stock Meltdown - Bill Powell\",\"isPartOf\":{\"@id\":\"https:\/\/chinadigitaltimes.net\/#website\"},\"datePublished\":\"2007-03-01T06:06:20+00:00\",\"dateModified\":\"2007-03-01T06:06:20+00:00\",\"breadcrumb\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/chinadigitaltimes.net\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Behind China&#8217;s Stock Meltdown &#8211; Bill Powell\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/chinadigitaltimes.net\/#website\",\"url\":\"https:\/\/chinadigitaltimes.net\/\",\"name\":\"China Digital Times (CDT)\",\"description\":\"Covering China from Cyberspace\",\"publisher\":{\"@id\":\"https:\/\/chinadigitaltimes.net\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/chinadigitaltimes.net\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/chinadigitaltimes.net\/#organization\",\"name\":\"China Digital Times\",\"url\":\"https:\/\/chinadigitaltimes.net\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/chinadigitaltimes.net\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2021\/08\/CDT-logo.jpg\",\"contentUrl\":\"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2021\/08\/CDT-logo.jpg\",\"width\":186,\"height\":177,\"caption\":\"China Digital Times\"},\"image\":{\"@id\":\"https:\/\/chinadigitaltimes.net\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/ChinaDigitalTimes\",\"https:\/\/x.com\/cdt\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/chinadigitaltimes.net\/#\/schema\/person\/2fd8e64d214925584dec1620ab3fdcd6\",\"name\":\"Gao Fei\",\"description\":\"Gao Fei is the pen name of a journalist from China now living and working in the U.S.\",\"sameAs\":[\"http:\/\/\"],\"url\":\"https:\/\/chinadigitaltimes.net\/author\/gao-fei\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Behind China's Stock Meltdown - Bill Powell","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/","og_locale":"en_US","og_type":"article","og_title":"Behind China's Stock Meltdown - Bill Powell","og_description":"Following Black Tuesday, some explanations, from Time Magazine: Chen Jing was one of the lucky ones. The 56-year-old retiree, who lives in Shanghai, dabbles a bit in local stocks, exchanging investment tips with what she calls her &#8220;mah jong friends,&#8221; a group that gets together each week to play and chat. Just before the Chinese [&hellip;]","og_url":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/","og_site_name":"China Digital Times (CDT)","article_publisher":"https:\/\/www.facebook.com\/ChinaDigitalTimes","article_published_time":"2007-03-01T06:06:20+00:00","og_image":[{"url":"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/mt-old\/china_stock0228-thumb.jpg","type":"","width":"","height":""}],"author":"Gao Fei","twitter_card":"summary_large_image","twitter_creator":"@cdt","twitter_site":"@cdt","twitter_misc":{"Written by":"Gao Fei","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/#article","isPartOf":{"@id":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/"},"author":{"name":"Gao Fei","@id":"https:\/\/chinadigitaltimes.net\/#\/schema\/person\/2fd8e64d214925584dec1620ab3fdcd6"},"headline":"Behind China&#8217;s Stock Meltdown &#8211; Bill Powell","datePublished":"2007-03-01T06:06:20+00:00","dateModified":"2007-03-01T06:06:20+00:00","mainEntityOfPage":{"@id":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/"},"wordCount":240,"publisher":{"@id":"https:\/\/chinadigitaltimes.net\/#organization"},"keywords":["Black Tuesday","stock market"],"articleSection":["Economy"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/","url":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/","name":"Behind China's Stock Meltdown - Bill Powell","isPartOf":{"@id":"https:\/\/chinadigitaltimes.net\/#website"},"datePublished":"2007-03-01T06:06:20+00:00","dateModified":"2007-03-01T06:06:20+00:00","breadcrumb":{"@id":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/"]}]},{"@type":"BreadcrumbList","@id":"http:\/\/chinadigitaltimes.net\/2007\/02\/behind-chinas-stock-meltdown-bill-powell\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/chinadigitaltimes.net\/"},{"@type":"ListItem","position":2,"name":"Behind China&#8217;s Stock Meltdown &#8211; Bill Powell"}]},{"@type":"WebSite","@id":"https:\/\/chinadigitaltimes.net\/#website","url":"https:\/\/chinadigitaltimes.net\/","name":"China Digital Times (CDT)","description":"Covering China from Cyberspace","publisher":{"@id":"https:\/\/chinadigitaltimes.net\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/chinadigitaltimes.net\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/chinadigitaltimes.net\/#organization","name":"China Digital Times","url":"https:\/\/chinadigitaltimes.net\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/chinadigitaltimes.net\/#\/schema\/logo\/image\/","url":"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2021\/08\/CDT-logo.jpg","contentUrl":"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2021\/08\/CDT-logo.jpg","width":186,"height":177,"caption":"China Digital Times"},"image":{"@id":"https:\/\/chinadigitaltimes.net\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ChinaDigitalTimes","https:\/\/x.com\/cdt"]},{"@type":"Person","@id":"https:\/\/chinadigitaltimes.net\/#\/schema\/person\/2fd8e64d214925584dec1620ab3fdcd6","name":"Gao Fei","description":"Gao Fei is the pen name of a journalist from China now living and working in the U.S.","sameAs":["http:\/\/"],"url":"https:\/\/chinadigitaltimes.net\/author\/gao-fei\/"}]}},"_links":{"self":[{"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/posts\/11447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/users\/117"}],"replies":[{"embeddable":true,"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/comments?post=11447"}],"version-history":[{"count":0,"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/posts\/11447\/revisions"}],"wp:attachment":[{"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/media?parent=11447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/categories?post=11447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chinadigitaltimes.net\/wp-json\/wp\/v2\/tags?post=11447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}