>China's bubble is about to burst.
What does "about to" means, when you have been reading about it for the last10 years? Is it tomorrow, next year, 10 years from now?
One things I understand about economy of developing country (and yes China is one despite being second largest economy) is that, there is always some scope for growth. Unlike matured economy like USA/European countries where almost every aspect of the country's economy is tied to each other. If something goes belly up, it usually affects other parts of the economy. This is not usually true for developing countries like China. They don't depend on a single source of market to survive, there is always some scope for growth and something else to pick you up from the slump.
Developed nations are like almost full glass of water, you have to be careful how fast you try to feel it up. Developing countries are like quarter/half-filled glass, if you try to fill it up too quick you might slosh a bit of water out of the glass, making it messy, but you can afford to fill it up quickly.
Honestly, I have been reading about this for the last 5-6 years. Trust me, I have read about the empty cities, malls, streets and office building. I have read about construction for the sake of construction, poor quality of construction. The civil unrest that is about to happen for the last 10 years.
While I am no economics guru, but my limited observation and understanding tells me that nothing is about to go nuclear in China. China is sitting on a huge pile of cash and its diversifying and expanding its business interest all over the place. Not only poor and third world countries, chinese companies are also investing on developed nations and buying up or merging with local companies (though they are facing some restriction on that). Companies are no longer moving their factories to China because of cheap production cost, they are moving their also because of rising local demand.
I think China has a lot of problem (just like any other country), but I feel that it often over inflated.
Personally I am in support of a powerful China (economically and militarily) to counteract the current monopoly. Ideally I would prefer 3-4 equally powerful nation competing for dominance, but I will take 2 for now.
Human rights and living condition will only improve with time. The present China is much better in these regards (but not enough) than how things were 10 years ago. I think things will get even better 10 years from now. Big changes takes time and China have come a long way in a very short period of time (relatively speaking).