I just read:

China’s sizzling economy grew even faster in 2006 than previously reported, bringing it closer to overtaking Germany as the world’s third-biggest, and its export-fueled foreign reserves have risen to a new high of $1.33 trillion, according to official figures released yesterday. The National Bureau of Statistics raised its estimate of China’s 2006 growth rate from 10.7 percent to 11.1 percent. the central bank’s research bureau said last month the economy was expected to expand by 10.8 percent this year. That was in line with projections by the World Bank and other economists, and would be China’s fifth straight year of growth in excess of 10 percent.

Wow!  Compare that to the US economic growth of 2.5-3% growth, and this will be China’s 5th straight year of 10% or more economic growth. 

The article does bring up a key point about runaway spending:

Chinese leaders want to maintain fast growth to reduce poverty but are trying to slow investment in auto manufacturing, real estate and other areas where supply outstrips demand. They worry that runaway spending could ignite inflation or leave banks and borrowers with dangerously high debt levels.

Remind you a little of the US stock market and Internet stocks?