In early February 2024, China’s equity market looked like it was in terminal decline. The MSCI China Index, which tracks Chinese companies listed at home and abroad, was down more than 50 per cent from its February 2021 peak, while the CSI 300 Index of Shanghai- and Shenzhen-listed stocks had lost more than 40 per cent.The combination of a cyclical and structural economic downturn, a protracted crisis in the housing market, Beijing’s cautious approach to deploying stimulus and the strong appeal...