Hugh Hendry, one of the few hedge fund managers to be coming through the Great Recession in relatively good shape (so far), visits China as a tourist and reveals the scale of the bubble in commercial real estate - Many large empty buildings and the construction is still continuing, funded by easy credit from Chinese banks. He describes China's economic strategy as a “deep out-of-the-money call option on America.” i.e. an all out bet on a V-shape recovery in the US and rapid return to high consumer demand. (See http://zerohedge.blogspot.com/2009/06/hugh-hendry-musings-on-deflation.html for details)