China’s stock slide can’t be reversed by massive state buying, analysts warn

Increasingly apparent state buying in China’s struggling stock market helped drive the benchmark CSI 300 Index up 0.9 per cent on Wednesday, but will be insufficient to engineer a durable rally in the world’s second-largest equity market, according to analysts from global investment banks. “National team” investors – state entities buying exchange-traded funds (ETFs) and other vehicles – poured as much as 170 billion yuan (US$25.5 billion) into the market this month. But such intervention was...