A dropping stock exchange

I had very little time to look at the dramatic collapse of the Shanghai stock exchange, but yesterday some time to discuss with local experts. Yesterday's drop with more than five percent was partially explained by what was considered to be a rather weak performance by premier Wen Jiabao. "He should have told the economy will be doing well, and he did the opposite," said one of my friends. He lost quite some money, but saw on the other had the value of his real estate in Shanghai go up, as the money now flows again into that sector.
I wonder whether Wen could have done anything else. The previous premier Zhu Rongji was - although Wen is doing also alright - very popular among the citizens, although not among the business people as he was able to slow down the economy. Zhu would hit the table with his fist, showing he was really angry, now and then. Wen seems to be too nice to do that.