economy - And up she goes: the Shanghai stock market

When I have to tell foreign business people in one sentence what the biggest problem in China is (some people just do not have the time to focus on more problems) I tell them that they are the biggest problem. They have ideas and concepts about China between their ears and it is very hard to deal with those prejudices even when they are obviously wrong.
So, you can imagine I had some fun yesterday when the Shanghai stock market when down 9 percent and the world markets followed that drop causing jitters all over the world. Now, I have some very specific viewpoints about the stock market. I do not see a real problem at this stage and yesterday's correction was certainly not a sign of a bubble: Chinese investors just like to act in crowds, but that is mostly over very soon too.
Media reports, like here Reuters and here Market Watch, all focus on a governmental crackdown I have not noticed. Ok, there was a smallish interview in the Financial Times, but traditionally the government does not use foreign media to tell their real intentions. There has been no sign of a real crackdown.
In the tail of the media reports you find the analysts who are more on my line, but journalists know that most readers do not get to the end. It is just a way to look objective, while the jitters about a non-existing crackdown dominate.