Quotes of the day

"The authorities are likely to continue to use the tools they know to keep the credit and stock market party going, but this has never borne fruit in the past 20 years. In a market that is about speculative euphoria, and confidence in the government's ability to stand behind it, one does not know when to call time."

George Magnus, an associate at the China Centre, University of Oxford

"Major structural change is happening in China's passenger car market. New car sales grew just 1.2 percent in May, as the country develops a used car market for the first time in its history. Buyers in the world's largest auto market now have much more choices when it comes to buying a car, and are no longer forced to buy a new car."