The Chinese stock and property markets have been outperforming expectations, fueled by an unprecedented surge in bank lending. Xie Guozhong,an economist and board member of Rosetta Stone Advisors, argues the robust Chinese economic figures are only propped up by bubbles, whose bursting will lead to a hard landing for the economy. Xie published his opinion in a related article in Caifing Magazine. Edited excerpts follow:

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