Based on a story in Han Feizi:

宋人有耕田者，田中有株，兔走觸株，折頸而死。因釋其耒而守株，冀復得兔，兔不可復得，而身為宋國笑。今欲以先王之政，治當世之民，皆守株之類也。

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宋人有耕田者，田中有株，兔走触株，折颈而死。因释其耒而守株，冀复得兔，兔不可复得，而身为宋国笑。今欲以先王之政，治当世之民，皆守株之类也。

From: Han Feizi, circa 2^nd century BCE, translation from Han Feizi: Basic Writings (2012) by Burton Watson

Sòng rén yǒu gēngtián zhě, tián zhōng yǒu zhū, tù zǒu chù zhū, zhé jǐng ér sǐ. Yīn shì qí lěi ér shǒu zhū, jì fù dé tù, tù bùkě fù dé, ér shēn wéi Sòng guó xiào. Jīn yù yǐ xiānwáng zhī zhèng, zhì dāngshì zhī mín, jiē shǒu zhū zhī lèi yě.

There was a farmer of Song who tilled the land, and in his field was a stump. One day a rabbit, racing across the field, bumped into the stump, broke its neck, and died. Thereupon the farmer laid aside his plow and took up watching the stump, hoping that he will get another rabbit in the same way. But he got no rabbits, and instead becoming the laughing stock of Song. Those who think they can take the ways of the ancient kings and use them to govern the people today all belong in the category of stump-watchers!

守株待兔

1. (figurative, derogatory) to be conservative; to resist change and innovation

   思想不能太保守，守株待兔是不會有收穫的。
   思想不能太保守，守株待兔是不会有收获的。

   Sīxiǎng bùnéng tài bǎoshǒu, shǒuzhūdàitù shì bùhuì yǒu shōuhuò de.

   Don't be too conservative. Sticking to old doctrines is futile.

2. (figurative) to sit around and wait

   金融監管不能守株待兔。
   金融监管不能守株待兔。

   Jīnróng jiānguǎn bùnéng shǒuzhūdàitù.

   The government should not just wait for problems to come up when handling financial regulation.

3. (figurative) to ambush

   民警守株待兔將嫌疑人抓獲。
   民警守株待兔将嫌疑人抓获。

   Mínjǐng shǒuzhūdàitù jiāng xiányírén zhuāhuò.

   The police arrested the suspect after waiting and hiding there.