It’s a moot point: Is the Buffalo leading the Villager or is the Villager Following The Buffalo? The Chinese are contemplating the same.
Just months ago, his courtyard home at the edge of the orchard was a makeshift trading floor where local farmers gathered to share tips and track the Shanghai Composite. Now, the gates are closed, a security camera stands watch, and nobody wants to talk about the stock-trading local party secretary.
“Out for the whole day,” ventured a neighbor.
“Who?” said another.
“Maybe he flew away in a plane,” joked a third. The country was gripped by stock fever, a frenzy of borrowing and buying that saw Chinese markets soar to historic heights, drawing in tens of millions of first-time investors, including dozens of people in this northern Chinese village.
The rally was bolstered by rah-rah editorials in the state-controlled press. Invoking President Xi Jinping’s vision for a powerful and prosperous China, the People’s Daily called rising stock prices “carriers of the China dream.” When the benchmark index hit 4000 points, an editorial in the same party flagship promised it was “just the beginning” of the bull run.