China operates under a system of industrial capitalism and not financial capitalism as in the West, which is why China allowed (and prompted) its RE bubble to burst; financial bubbles hurt a productive industrial base.
Consequently 'the capital market speaking differently' is probably a good sign of health for China and that it's doing the right thing. Work is rewarded in China, not speculation (ok, some speculation is rewarded too). Western markets (heavily) favour speculation, not work.
https://stacker.news/items/414885/r/halalmoney?commentId=414929
