In mid-June, China’s Shanghai Composite Index was up a dazzling 60 percent since the beginning of the year. It was the highest level in more than six years. Some took it as a sign that the recent weakness in China’s economy would be short-lived.
Yet it is only a little more than two months later, and the index had lost all its gains since the first of the year.

Many small domestic investors who had entered the market late were burned. Badly.
From 2008 through the end of 2014, China breezed through the global economic crisis and its aftermath with annualized growth of 8.8 percent.