Dead Heart Defibrillator

Chinese policymakers coaxed a rally out of downtrodden equities Thursday. The Hang Seng China Enterprises Index jumped almost 4%, its best day since late July (figure below). At the lows earlier this month, H-shares were down almost 35% from February of 2021, when Xi's sweeping regulatory crackdown and accompanying societal overhaul began to take shape. Calling the bottom was a fool's errand last year. A never-ending deluge of decrees and policy pronouncements spanning everything from tech