China’s ‘Black Monday’ is just the start

One-party states are rarely any good at admitting to any form of blunder. It is certainly the case with China’s prickly political leaders, who love to flood domestic media with jolly tales of fashion shows and bamboo-chomping pandas – anything to divert people’s attention from a flagging economy and rising unemployment.

This makes today’s main headline on China Daily‘s website all the more arresting: ‘Stocks plunge most since 2007 as state support measures fail’ the state-run newspaper blared, after the Shanghai Composite share index lost 8.5 per cent in a single day.