China’s stock market experienced a dramatic rally in Q3 2024, driven by Beijing’s latest policy measures and investor fear of missing out. The CSI300 Index surged 16% last week—the highest since 1998—and continued its momentum with an additional 8% jump on Monday. Central bank initiatives, including a CNY500bn (USD71.25bn) swap programme and a CNY300bn re-lending facility, have fuelled the influx of retail investors shifting funds from bonds and deposits to equities. Brokerages are overwhelmed with orders, leading to increased stock turnover and transaction delays. Despite ongoing economic challenges like the property crisis and low consumption, investors remain optimistic, drawing parallels to the 2015 bull run. Experts warn the rally is driven more by liquidity and sentiment than fundamentals.