China's stock market is going through ups and downs. ANBOUND chief researcher Chan Kung believes that the rise of China’s stock market is due to "capital resonance" and “policy resonance”. Capital resonance can drive a lot of capital into the stock market. And when great fluctuation appears, there will be stimulation or tightening policy. The skyrocketing growth is unsustainable and the cost of slump is too high. Thus, the regulators carefully make use of policy resonance to keep a “slow bull” market.