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Next few days bring. andrew stevens in hong kong thank you for your reporting there. the highs and lows in china are similar to what happened on wall street in 1929. cnn's claire sebastian reports. ♪ >> reporter: the roaring '20s. a time of short skirts short-term trade -- and a long, steep decline. 86 years later and some say it is happening again in china. the shanghai composite up more than 80% in the past year has lost almost a third of its value in the past four weeks. compare that to the dow in 1929 and the graphs look eerily similar. in the post-war euphoria of the 1920s, people bor...

Trading, you would never see anything like that happening in the u.s. markets. china's central bank has tried various measures including cutting interest rates, relaxed rules and margin trading. why don't those measures seem to be working with? >> add to that the chinese government effectively is buying the stock market through the central bank is funding various institutions to go out and buy stocks to try to put a floor to this. it is obviously not working, as we see today the market opening down 8% now 4% down. that's a terrible result. so it is not working because there's panic. as the chi...