Columnist Cris Sholto Heaton explains how lending in China appears to be booming, although several factors might temper the surge. Even if the lending growth is not as much as it appears, it is still soaring and might be creating a bubble. "The big risk is that China decides not to tighten and credit growth continues to run away through 2010 and longer," he writes. "In that case, we could end up with unbalanced growth and major asset bubbles -- in short, a replay of what has just happened in the West."
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