There is a narrative that rising equity markets are good, and falling equity markets are bad. This is not true. Fairly valued equities are good, and bubbles or disorderly markets are bad. If the latest barrage of equity market measures by China’s government are aimed at correcting irrational pessimism and disorderly markets, they are economically beneficial. If they are driven by a desire to see equities higher just because they want equities higher, they are economically negative.