Bubbles and Anti-bubbles in China’s Stock Market——An Empirical Study Based on LPPL Model

On the basis of normatively analyzing the definition and formation of bubbles and anti-bubbles,the paper performs an empirical analysis on data fitting for the bubbles and anti-bubbles of China’s stock market by employing the log-periodic power-law model and finds a series of valuable conclusions including that China’s stock market owns fractal characteristics,there are log-periodic power-law bubbles and anti-bubble in China’s stock market and Shanghai stock market and Shenzhen stock market changes more and more synchronized.Finally,this paper provides some suggestions,such as China should use fiscal policies duly and properly and improve the symmetry of stock market.