I would suggest you pop on over to Zero Hedge and read the article published a few days ago from SocGen on the coming crisis in China.
I am currently reading the book, This Time is Different, which details eight centuries of financial crises. The authors note that financial crises are usually presaged by an explosion in credit growth, like what now occurring in China. Throw in an antiquated and opaque banking system priced to perfection, enormous imbalances particularly in foreign reserves, overcapacity, too much fixed investment, too heavy of a reliance on exports to the West, and reports of housing bubbles, and this will ultimately not end well.
That does not mean that China is about to roll over right away, nor that the country's future is not bright. The United States went through many financial crises in its development. China will as well, and we must be aware of this.