ࡱ> 685)` R\bjbj6{{N 82F 2^^^^^999$Eh 99  ^^ZZZ d^^Z ZZ:N,^R %Q v Rz v0RG GG9d Z g 999 999     On Chinas Attempt to Stabilize the Stock Market in 2015: A Case Study of Public Crisis Management (To be presented at 2015 Public Administration Conference organized by School of Public Administration, South-Central University for Nationalities, October 24-25) Wei-Chiao Huang and James Hueng Professors of Economics, Western Michigan University Abstract Chinas stock market has been on a rollercoaster ride in the recent past few months. Before peaking on June 12, 2015, Chinas stock market had ballooned about 150 percent in a year. Since then, Chinas domestic stock market, as measured by the Shanghai Composite Index (A-share), has plunged about 30%. When the sign of possible crashing in the stock market began to show, Chinas government responded actively in an attempt to stabilize stock prices. Various measures to support the market (some of them quite aggressive) have been implemented, such as suspending trading for a time on well over half of listed A-shares, banning short sales, forbidding major shareholders to sell stocks, disallowing new initial public offerings, etc. Whether or not these measures can effectively stabilize stock prices remains to be seen. However, the implications and impacts of Chinas governmental interventions have already been debated intensively among economists and public administration scholars. This paper proposes to view the efforts taken up by Chinas policy makers as a case study of public crisis management. We will chronicle the boom and bust of Chinas stock market in the recent past four months, and analyze the underlying causes and background of these gyrations. Next, we will describe various policy actions implemented by the government in response to this public crisis. Finally, we will attempt to provide some assessments and projections of the effectiveness of these intervention measures.      #$9:bcdef ^ _ ` i j  즛zl^NCzzzhDOJQJaJhhpRh >*OJQJaJhh h OJQJaJhh h?mOJQJaJhhiOJQJaJhhsOJQJaJhh?mOJQJaJhhpROJQJaJh%h-h 5>*CJOJQJaJhhs5>*CJOJQJaJhh 5>*CJOJQJaJh%h-h5>*CJOJQJaJh%h-h?m5>*CJOJQJaJh:cef * _ ` i j J K NPQSTVWYZ[\1$gd $1$a$gdpR $1$a$gd?m1$gdpR1$gd  $1$a$gdsN[    @ G V KLMNOQRTUWX[\ȽӰh =jh =Uh>h/,OJQJaJh-OJQJaJhhh_OJQJaJhhOJQJaJhhsOJQJaJhhiOJQJaJhhOJQJaJh4....()()))()()00P8$BP/ =!"#$% D@D Pjcke1$CJOJQJ_HhmH sH tH $A$ ؞k=W[SOBiB nfh\le,g6B6 Pjckee,g1$5OJQJh2P2 b9ckee,g 2 dx\:cef  *_`ijJKNPQSTVWYZ]ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ0ȑ000ȑ00u00ȑ00u00ȑ00u00ȑ00uȑ00 u  \ \ [ 8@0(  B S  ?mndo$pqrdstduvwx$yzd{$|}~d$$dCCKTjj,,]     JS^^oo11]  B*urn:schemas-microsoft-com:office:smarttagscountry-region=*urn:schemas-microsoft-com:office:smarttags PlaceType=*urn:schemas-microsoft-com:office:smarttags PlaceName9*urn:schemas-microsoft-com:office:smarttagsplace &K$)MNNPPQQSTVWYZ]NNPPQQSTVWYZ]] #9:de KLLM]b&X$E_NҰ808^8`0o(. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.808^8`0o(. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.$E_bdPң        >]        iGRrsGRGRX\GR0RGR[~HGRa^GRMPGR8 GRy GR R GR` GR GRK GR|k GR, GRMGR[GRK\GRGR>GRi]GR%?GR~rGRMGRo4GR@GRFGRQ.GRRGRAEGR! <"GR^YT$GRN?%GRUL'GRDn(GR '+GRo$1+GRI,GR|5A.GR1GR2S3GR.T4GR54GR15GR]{6GR|u6GR4h9GRi>9GR#:GRe!HVEKpR"W$[]b[h_`jhiA8inqw$-Hwk ?mh /,|e qNS\Xr>- =`K]%p@|\P@UnknownG:Cx Times New Roman5Symbol3& :Cx Arial;([SOSimSun?5 :Cx Courier New"1h:g:g7 7 !4KK2qHX ?Pj2!Economics 699: Economics Workshopweichiao huang Tclsevers  Oh+'0 (4 T ` lx$Economics 699: Economics Workshopweichiao huang Normal.dot Tclsevers2Microsoft Office Word@F#@iG @iG 7՜.+,0 X` western michigan university K'   !"#$&'()*+,./012347Root Entry Fq1Q 9Data  1Table[WordDocument6SummaryInformation(%DocumentSummaryInformation8-CompObjm  FMicrosoft Office Word ĵ MSWordDocWord.Document.89q