Quotable

"The central bank is doing some of the quasi-fiscal jobs by boosting capital in the policy lenders. Local governments are finding it hard to keep spending, and the central bank is providing funds to the policy banks to make up the gaps."

Ding Shuang, chief China economist at Standard Chartered Plc in Hong Kong

"A big problem for the government is that its earlier disrespect for stock market rules, and the subsequent rally, have left investors expecting ever greater intervention from the authorities every time the index swoons."

Ye Tan, Shanghai-based stock market commentator

"Regulation will standardize operations and bring transparency to the industry. Practices that were seen as existing in gray areas will be forbidden. But regulation will also increase operating costs, causing some of the lower-ranking and weaker players who can't make the cut to go bankrupt."

Xu Hongwei, chief executive of Online Lending House, a website that tracks the peer-to-peer industry

(China Daily European Weekly 07/31/2015 page18)