The trouble is that China today exhibits many of the characteristics of great speculative manias. Let´s enumerate them from Charles P. Kindleberger´s view :

1) Compelling growth story

2) Faith in the competence of the authorities

3) A general increase in investment

4) Surge in corruption

5) Easy money

6) Fixed currency regimes

7) Rampant credit growth

Moral hazard

9) Financial structure become precarious

10) Rapidly rising property prices

Are we ready for the outcome ???