China Struggles to Stay Rosy as Confidence and Markets Plummet

TIME

Monday was a really bad day for global stocks, and the Chinese state-run media duly covered the volatility. But the official Chinese press was more reticent in its coverage of China’s own stock-market rout, which triggered the worldwide sell-off.

On Monday, the Shanghai Composite Index dropped 8.5%, the worst decline since 2007. The latest drop in a summer of sell-offs means that the once buoyant Chinese bourse has shed more than $4 trillion since peaking in June — either a much-needed correction of an overheated market that had more than doubled in a year or a symbol of China’s more troubling economic slowdown, or quite likely both.

Even as punters counted their losses and one group even briefly kidnapped the head of a metals exchange in Shanghai, Monday evening’s prime time newscast on CCTV, the state broadcaster, totally ignored the nation’s market woes. On Tuesday, as the Shanghai exchange opened…

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