When most market analysts talk about the bursting of the Chinese "bubble," they are referring to the recent dramatic losses on the various stock exchanges. The more serious bursting, however, could be of the social and economic bubble where government officials have allowed expectations to soar that hundreds of millions more Chinese citizens will soon be able to join the middle class.rnLast month, Beijing announced a whopping $586 billion fiscal package to stimulate domestic demand. The package is so large many Western observers quickly concluded that Chinese economic strategists are worried not only about collapsing exports, but about seriously weakening domestic demand. Some forecasters predict fourth quarter GDP growth in China could drop from last year's nearly 12 percent to between 5 and 6 percent.
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