Overseas Stock Markets Hit Record Highs

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It is common for overseas stock markets to hit a new high repeatedly. This week, Japanese stocks hit a 33-year high, and European and U.S. stock markets also hit a new high. However, China's A-shares are always hovering at more than 3,000 points, with a surge to 3,400 points at the beginning of the year and now back to around 3200 points. Is China's economic recovery not enough? Is China's monetary policy not loose enough? Or is China's financing cost not low enough?