The Shanghai Composite Index (China’s main stock index) just briefly hit 4,000 for the first time since 2008, after a massive climb in the last 12 months.

A year ago the index was hovering barely above 2,000 this time last year. It’s exploded despite China’s property market slowing down

Here’s how it looks:

The surge has coincided with China’s property market stalling — and domestic investors moving into shares rather than housing.

But that brings its own problems. According to recent research, 6% of the newest stock market investors in China can’t read.

Here’s what the Shanghai Composite looks like over a longer time-frame. It’s easy to see what happened when the financial crisis hit.

So there’s still a long to go to get to those previous levels.

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