Such cynicism is no longer justified. Premier Zhu Rongji uses editorials in the People's Daily to sing the praises of share investment or condemn speculation. Official comments can set the markets' course for months. Think Alan Greenspan, then add attitude. The joke is that Zhu's surname sounds like the Chinese word for pig.
Western analysts tend to despair.
If it's not direct government interference, it's corruption. And when it's not corruption, it's frustrating policy-making. Stock markets are, the other joke goes, the country's only legal form of gambling. Such cynicism used to be well-founded. But not anymore.