Past actions show need for shakeup

What is done cannot be undone.

The regulatory regime's excessive tolerance in the early months of the year with the hectic buying of shares, often on reckless borrowings of money, cannot be undone. And, following it, the central government's political check at the beginning of July on a massive, near-panic sell-off of stocks also cannot be undone.

The fact is that, in China, the government and the market are always closely interdependent.