Progress in reform will help change attitudes

China still hasn't digested the lessons from the recent stock market rout, let alone learned them.

Many young investors, those born in the 1980s and 1990s, who didn't get to see the effects of the Asian financial turmoil in 1997, and, starting in 2007, the almost seven-year bear market in domestic stocks, may have yet to recover even from the shock they have just experienced.

But as we discussed in the past few weeks, there can be two main types of lessons to be learned. One is about economics. And the other is the management of the market and trading practices.