We need to promote competition, which will benefit the Chinese banking sector over the long haul.

The new rules give listed companies more flexibility. The share incentives will stimulate the firms' efficiency and management.

That the B shares may be merged into A shares is a main reason for the index to rise.

The move, by lowering the threshold for small shareholders, is aiming to provide more opportunities for overseas non-financial institutions and their holding companies to invest in securities.

This is a day for celebration. But tomorrow when Hong Kong wakes up, it will still face structural challenges.

Will the government really hit the brakes? I doubt it. Much of the investment is following government instructions. It's in second- and third-tier cities. This is what the government wants. They've regained solid control over inflation.