Meanwhile, the risks of speculative activity on domestic financial assets by overseas speculators cannot be overlooked.

His suggestions included a series of measures: promoting cooperation between upstream and downstream enterprises; supporting the development of innovation-focused industrial clusters; regulating and punishing speculators and hoarders; reinforcing anti-trust regulations to stabilize prices of commodities; and encouraging enterprises to increase investment rationally to make asset and liability structure more reasonable.

But an overhype already exists, with speculators as well as cheaters trying to cash in on the metaverse craze.

"China needs to remain on high alert against financial speculators trying to cash in on the metaverse craze, not least because such actions could disrupt the efficient allocation of resources, hinder the cultivation of talents, and harm industries.

With speculators in China's residential property market facing regulatory action, prospective homebuyers such as Fan have become critical to demand for homes this year.

The requirement would effectively stop speculators from taking advantage of their priority status in home buying," said Pan Hao, a senior analyst with the Beike Research Institute.

China's home prices soared in 2016 when speculators took advantage of favorable lending policies to buy homes via leveraged borrowing, contributing to what many had feared as a "housing bubble.

"To contain the risks, central authorities have reiterated that "housing is for living in, not for speculation," and implemented various restrictive policies such as higher down payment ratio for second homes and crackdowns on shadow banking loans to speculators.

Demand for residential properties in school districts is not necessarily coming from speculators or investors alone but end-users as well," said James Macdonald, head and senior director of Savills China research.

Sneaker lovers usually have two or three, even dozens of apps on their mobile phones to buy, while speculators have both an online and offline presence.

"China needs to remain on high alert against financial speculators trying to cash in on the metaverse craze, not least because such actions could disrupt the efficient allocation of resources, hinder the cultivation of talent and harm industries," he said.

"China needs to remain on high alert against financial speculators trying to cash in on the metaverse craze, not least because such actions could disrupt the efficient allocation of resources, hinder the cultivation of talent and harm industries," said Sun Jiashan, a researcher with the Chinese National Academy of Arts.

Meanwhile, experts said NFTs have certain financial attributes, warning some speculators might overhype the concept like cryptocurrencies, which could spawn equity bubbles.

Opponents warned of another bubble in the making, like that in cryptocurrencies, saying NFTs will bring in more speculators and disrupt the digital art market.

Russian President Vladimir Putin said on Tuesday that a COVID-19 vaccine was cleared for use, a factor that has eroded the support for gold, said analysts from Xiamen-based ITG Futures Co Ltd. With the research and development of vaccines making further progress, investors' risk appetite will be revived and speculators will close out their gold positions, they said, adding that gold prices will continue to fluctuate in the short term.

The country also has plenty of market and policy tools to stabilize its currency and efficiently prevent speculators from taking advantage of short-term exchange rate fluctuations, said Lian Ping, chief economist with the Bank of Communications.

It can lift the offshore market interest rates and increase costs if speculators short the renminbi, especially when the currency is under pressure.

The issuance of these bills can lift the offshore market interest rates and increase costs if speculators short the yuan, especially when the currency is under pressure.

There will be some fluctuations in the short term, with some speculators expected to book profits.

To protect vulnerable, ignorant retail investors from reckless speculators in the market, regulators used to rely on tools like trading halts and daily limits.

The limit is set to prevent speculative behavior and yet did not help much as speculators could mobilize the stock prices to rise to unreasonable high levels using a small amount of capital, disturbing market liquidity.

The effect will more or less be like soaking up offshore renminbi liquidity and raising the borrowing costs for speculators who want to sell more renminbi when betting on depreciation.

"Previously, speculators would seek some listed companies with poor performances for a backdoor listing, but that will be much more difficult now," Hong said.

Yang recalls how he worried that he might be labeled a "speculator" or a "profiteer. "

Yang recalls how he worried that he might be labeled as a "speculator" or a "profiteer. "

It is the first time value investment surpassed short-term trading as the dominant investment method for Chinese individual investors, though the proportion of short-term trading adopted by speculators has been declining since 2015.

The previous market has been completely irrational, with speculators ignoring some fundamental elements such as inventory and supply and demand, Zhan said.

"That's good news for speculators, who are attracted to the equities because short-term gains are "almost guaranteed".

But it's time for speculators to stop dreaming of a wonderland in China.

A healthier Chinese economy will never be reduced to a wonderland for speculators.

"In China, many speculators have been buying some A shares, expecting their prices to rise (in the run-up to stock split).