Shares of financial and cyclical firms, mostly state-owned enterprises, managed to buck overall loss and pull up the broad indexes on Monday. It looks like trading under some instructions from the authorities. Such trading directives have always existed, and in times of a market crisis, authorities will surely want to make a move. Declines in domestic stock markets will likely be milder than in offshore markets.

我还说了，国企管理层普遍强化了党委领导和议事权，所以，去年还未行动的二线地方国企，今年会加快改革进程。

很多被上市公司欺诈，几乎被消灭的A股投资者，依然相信监管的力量和效果，像上世纪九十年代，被乡村恶势力挑断脚筋的农妇，依然相信乡长会主持公道一样。