Stand Back: China's Bubble Will Burst

Beijing may come to regret talking up equity ownership.

Assessing portfolio risk in China.

Photographer: FREDERIC J. BROWN/AFP/Getty Images

Singapore, which I'm visiting at the moment, opens your mind to the highly improbable. Rich, ethnically diverse, cheerfully efficient, globalized in the extreme, it's a man-made economic miracle -- astonishing proof of what market forces combined with superb top-down direction can achieve.

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