Interesting article overall but China is currently down 55% and has been down as much as 60%. http://finance.yahoo.com/q/bc?s=^HSI&t=1y
I think the super cycle is still intact. The CRB is almost a 100% higher than it's low in 98 and 01. And still higher than when he started getting bullish on commodities in the 90's. Remarkable IMO, given how much its crashed. And still higher than stocks.