Return of confidence

The spectacular rebound of Chinese shares yesterday fully demonstrated how much investors have taken heart from the long-waited government rescue.

After losing 70 percent in less than a year, the benchmark Shanghai Composite Index surged 9.46 percent in the biggest single-day jump since 2002, with almost all stocks soaring to their daily upside limits.

Clearly, the Chinese government's latest efforts to stabilize the fragile stock market has worked well.