China is a policy city, and likes to speculate on stocks through various gossip. Government agencies have completely lost their credibility, so the stock market is easy to fall. Another reason is that the domestic delisting mechanism is not perfect, there is too much garbage, investors have no confidence in value investment, and it is easy to panic! Third, China's short-selling mechanism is not perfect, and there are too many restrictions on stock index futures and margin financing and securities lending, which leads them to share and digest stock market risks too little, and often even fail to help! Fourth, China's monetary policy is lagging behind, vacillating and constantly cutting and cutting. Chicken crows in the middle of the night to scare investors!