he journey from command to market economy is a long and dangerous one. China has managed it well. But, in financial markets, it still has a long way to go. After the bedlam of this week, it must realise that being partially liberalised presents investors with perverse incentives and policymakers with extraordinary demands. China must not go slow or turn back. That would be the most dangerous path of all. Instead, the real lesson from this week is that it must let the markets decide.