Chinese President Xi Jinping has positioned himself as a champion of fiscal reform. In July 2013, he announced that "China's prosperity should be reliant on the real economy, not on bubbles." Many people trusted his leadership so much that in June 2014, when the country's stocks began to rise, Internet users spoke of an "Uncle Xi bull market."
As it continued to rise, it began to look more like a bubble.
Then last month, when the stock market plunged, so did widespread hopes that Xi would deliver on his promises.