How very irritating it must be to that rather smug cove who runs China by diktat to discover that financial markets have a will of their own. Of course, if you start at the impoverished bottom then in the first few decades state-controlled capitalism must have seemed to be a never-ending cash machine which spewed forth money, first to you and your government and then to your people who, of course, love you dearly for it. But once people get money and the things that money buys, then they start to get ideas - and that's when the troubles start.
Suddenly, Chairman Xi has found that the financial tiger is hydra-headed, in fact, it has as many heads as the people who invest in it and that makes command and control exceedingly difficult. Even worse, there are those dreaded "events, dear boy, events" over which he has absolutely no control and which can suddenly strike the tiger where it hurts reducing it to pussy cat status. The people, needless to say, are not amused! Suddenly they had wealth, and equally suddenly, they don't! Chairman Xi, of course, reverting to his dictatorial instincts, might order the stock exchanges to be closed in order to stop people selling their stocks and shares but they cannot remain closed forever. As soon as they re-open the selling begins again!
How much easier life was in the days of Chairman Mao when the people had nothing and were deeply grateful for a handful of rice a day! Now Chairman Xi is fast approaching a Y-junction in the road ahead. He can either turn Left and take everything back into State control, or he can turn Right and let the markets go free. He, of course, is only interested in the politics of it all, not the economics. Beneath him he has a huge red blob which is the ruling communist party of China. They will not take kindly to a 'dear leader' who will allow their powers and privileges to be usurped. But beneath them, there are zillions of trillions of Chinese who have had a taste of capitalism and want more.
'Interesting times' and all that jazz!