This indirectly freezes most of the liquidity of the stock market. In addition, the China stock market has experienced rapid growth in the past few years.

The most important thing is that the domestic currency pressure is huge. Due to the appreciation of RMB, foreign hot money poured in wildly. In order to control hot money, the state has been engaged in a tight monetary policy, which indirectly froze most of the liquidity of the stock market.