In China, the stock market is often described as a "casino," yet many people remain obsessed with it. The reasons behind this phenomenon are both complex and profound. Many investors are betting on the Chinese government's efforts to boost the economy through a series of policies with a short-term profit mentality, even though they are also aware that the current economic difficulties are partly due to the historical impact of the policies. However, faced with the government's continuous introduction of new policies to stimulate the economy, many investors choose to take risks, hoping to profit from the market rebound, even if it is only a short-term opportunity.

In recent weeks, as the Chinese government has introduced a series of economic stimulus measures, the stock market has ushered in the largest rebound since 2008, further attracting the attention of the middle class. Many investors said that when they felt that the government's line was unclear, putting part of their savings in the stock market gave them a sense of control, even in the face of a very volatile market. Although they have doubts that these policies are more inclined to stimulate the market than to actually promote economic growth, the stock market still seems to be their only option for seeking opportunities in the context of deflation.

Seeking a sense of control in risk

Take Mr. Wang in Beijing as an example. He invested more than 1 million yuan of his savings in the stock market. He compared himself and other retail investors to "leeks", believing that ordinary people are constantly being "harvested" in the stock market. He admitted that although the stock market is risky, he felt that taking the initiative to enter the market could control his own destiny a little bit compared to waiting. Mr. Wang's views represent the voices of many investors, who are not blindly trusting government policies, but want to maintain a certain degree of initiative in a complex environment.

These investors come from all walks of life, including professionals and small business owners. They are not super-rich, but have a certain amount of funds on hand. When interviewed, they all chose to remain anonymous to avoid retaliation. This shows their dissatisfaction with current policies and their caution about free expression.

The relationship between history, policies and the stock market

The Chinese stock market is not a "hotbed" for creating wealth for ordinary people. Instead, it has long been regarded as a riskier investment channel. Since the resumption of stock trading in the 1990s, the queues for opening accounts have been as long as hours or even days. Today, the number of trading accounts has exceeded 200 million, but less than 25% of the accounts are still active. In fact, many highly competitive Chinese companies cannot be listed domestically due to restrictions on listing policies, which makes the performance of the Chinese stock market out of touch with the real economy. For example, China's stock market reached its peak in 2007, well before the peak of economic growth. In addition, technology giants such as Alibaba and Tencent chose to list in overseas markets rather than in the domestic stock market, further weakening the appeal of the domestic stock market.

In the past few decades, China's household wealth was concentrated in the real estate sector. However, as the real estate market fell sharply, the government gradually guided funds into the stock market. Even though investors are aware of the risks of the stock market, facing limited options, they believe that the only way out is to enter the stock market, even if it is just to avoid greater economic uncertainty.

A market more complicated than a "casino"

Many investors believe that the risks of the stock market are even greater than those of the casino. Mr. Wang pointed out that in this market, regulators can not only influence the rules, but can even directly participate in the market game, which makes ordinary investors feel at a loss. Although he suspects that the stock market rebound is a "trap", he still has a "run fast" mentality, thinking that he can retreat at any time to avoid greater risks.

"Gamble" mentality

This "gamble" mentality is widespread across the country. For example, Mr. Wang from Shanghai invested in the stock market at the end of September. He does not trust the government, but thinks that this investment risk is acceptable in the current economic situation. In the same environment, Mr. An and his wife even invested 90% of their cash in the stock market, believing that if they do not make investment decisions, inflation will devalue their savings.

Mr. An lost his job in the online education industry due to policy factors in the past, and faced the problem of delayed housing delivery, so he was somewhat disappointed with the government's decision. Like many others, he believes that the stock market may lose money, but compared with the passive choice of holding money and waiting, the short-term gains brought by investing in the stock market bring a kind of expectation and comfort.

Opportunities and risks in market turmoil

Some senior investors, such as Mr. Xie in Shandong, see this stock market rebound as a short-term investment opportunity. He said that when he was in elementary school, his parents lost their jobs due to corporate reforms and later experienced ups and downs through the stock market. He believes that today's rebound is likely to be a reflection of policy changes and may bring a wave of short-term profit opportunities. However, Mr. Xie is not optimistic about the long-term performance of the future market. He believes that the financial market cannot completely solve the fundamental problems facing China and advises young investors to enter the market with caution.

Other investors, such as Mr. Cheng, view the current stock market turmoil from a broader perspective. He believes that the problems facing the Chinese economy are far from being solved by a short-term market rebound. Although he has lost huge amounts of money in the stock market, he continues to observe market fluctuations and describes it as "watching a tragic movie". Since you have already bought a ticket, you might as well see how it ends.

Conclusion

Faced with a complex and changing economic situation, Chinese investors are constantly adjusting their choices. They are aware of the risks, but hope to seek short-term profits through the stock market, or at least maintain initiative. This "gamble" mentality stems from the pressure of reality and changes in the policy environment, reflecting the anxiety of ordinary people about the economic prospects and the psychology of seeking a sense of control among limited choices. How the stock market will develop in the future is still full of uncertainty, but it is certain that the Chinese stock market will continue to be a unique economic phenomenon, bringing hope and challenges to countless individuals.