this dangerous move could lead to instability, which is the worst thing the party expected to see, the only explanation, as once mentioned by a radio host, is most likely the current leaders have no idea what to do.

In the past 20~ years the leaders in China are graduated from the best engineer school in China, the current one is far from that, somehow he became overly confident and to some extent reckless, I feel that's one way to explain what are happening there nowadays, including this busted stock cycle.