It's far too early to short China, this is going to be the mother of all bubbles. Think back to when the Imperial Palace in Tokyo was worth more than California, time it by one hundred - that's what you should look out for. It's going to be a wild ride for 10-30 years before this bubble pops - after which fiat currencies will be worthless.
It is going to be interesting to see how this plays out. In my estimation, Wall Street invested, a trillion dollars in US pension funds, that in combination with the investments of GM, GE, Boeing and particularly Walmart provided seed capital for China, In Wall Streets case while looting American industry of it's operating Capital. That was not China's fault, that was US companies operating under the perverse incentive that they do anything to maximize shareholder value even if it ultimately puts the shareholder out of a job, or face "shareholder" lawsuits. ( Karl Icon, Mitt Romney, Michael Milken etc are slime and the law needs to be changed to allow a common good defense against complete shareholder maximization(Duh)). Catch 22 anyone? Economics is not physics, and the Chinese government is not borrowing money to loan. Rather as I understand it it is "printing yen", which it is spending internally. It has plenty of foreign exchange to buy the commodities that it needs externally. This is not an IMF customer that can be bankrupted and drained, so I think the course will be very different here. The Chinese government has a billion people that it can educate and pull out of poverty. It also has profound climate change driven challanges in that the Himalayan glaciers that are the source of it's rivers are drying up. It is reputed that the Chinese government is completely corrupt but the Chinese people have overthrown a government within living memory, they are a dragon that does not sleep deeply. There is always a tendency to direct money toward those that already have money and blow bubbles but, the Chinese leadership will navigate those narrows more carefully for their own survival.