Not all signs are positive. China's expansion is creating a bubble, according to hedge fund trader Chanos, founder of Kynikos Associates LP in New York. He told an investment conference sponsored by Grant's Interest Rate Observer on Oct. 19 that 17 percent of Beijing office space is vacant and rents there fell 22 percent last year. In Shanghai, 12 percent of offices are empty and rents fell 26 percent, he said.
"Large-scale capital projects grow sillier by the day," Chanos said.