You know the feeling. A market rises like a rocket; there is lots of gushing news items about how market X or Y is the hottest thing since the iPod; but there is a lot of muttering about the inevitable fall, the decline, or even the monster crackup. Well, it has sort of happened with the US credit market this year and the collapse of sub-prime mortgages (in plain English, the business of lending money to people who are often bad repayers).
I have this sort of queasy feeling now about China. Do not get me wrong: I am delighted that China is a poster child for how things improve if you ditch certain aspects of collectivism, but it is still a long, long way from what a free society could or should be. And some of the economic data that comes out of that vast country gives economists cause for concern.