Chinese state media urged investors to think long term, and authorities highlighted hundreds of operations making illegal loans against shares, showing that Beijing is eager to avoid stocks overshooting. Mainland stocks have surged to multiyear highs in recent days, with the Shanghai Composite rising 16.5% in eight straight sessions of gains through Thursday. Those increases were partly fueled by optimism among China’s millions of individual investors, who dominate trading.

Source: Wall Street Journal July 09, 2020 10:40 UTC