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China Plans Space Station By 2020
RedEaredSlider writes "China unveiled plans for its own space station, to be completed by 2020, along with a cargo ship to ferry supplies to and from orbit. The fact that the country is proposing one is a sign of the Chinese government's ambitions in space. China is the third nation to launch its own manned rockets into space, sending its first astronaut into orbit in 2003 aboard the Shenzhou 5 rocket. Since then two other manned missions have been launched."
The US has a lot of work to do its own economy, so this isn't meant to downplay anything about that. It's also not meant as anything negative about China--bubbles happen everywhere.
Having said that...
The idea of a China bubble isn't too far-fetched, and is on the radar of a lot of economists. It's not just about China either, but all of the emerging-economy nations that have seen recent rapid growth.
E.g., http://www.economist.com/node/18560195
Chinas sole advantage in the global economy was their low labor costs which let them undercut other countries in the export arena. They are not exactly known for new innovations or quality workmanship. However their labor costs are rising along with inflation which increase the price of their exports. They went from reportiing a huge trade surplus to reporting a negative surplus in the first quarter of this year. Economies fluctuate, rapid growth can sometimes create more problems than a stagnant economy. Especially an economy totally controlled by the state where workers start realizing they have been underpaid and treated almost like slaves.