What's going to happen to it short term? Are they doing enough to cool the economy? Maybe unpeg the currency? There were alot of rate hike rumors in China last week but nothing happened. If their economy cools off, it'll still be growing at 7-8% vs. 9-10% . But i don't think any communist country has managed a soft landing of an economy this size before. Russia, a much smaller economy, sneezed in 1998 and the World got sick. If bad loans or inflation crisis hit, watch out.