China: Economic Miracle or Mother-Of-All Bubbles?

Is the Chinese economic growth a miracle to be emulated or is it simply in the middle of the mother-of-all bubbles?   There are good arguments on both sides to be sure.         So what's your take?

I only know that the changes coincided with the ruling party's decision to allow a limited market system in the production of goods.   That and the opening  of trade with other nations.      Their central bank holds a lot of US Treasuries and dollar reserves at their disposal and some feels this is enough to stave off a crisis.  

There are some signs that prices are heading north   and it is interesting to read how the government is responding.     And debt is an instrument of choice in China by the way,    since they don't have a developed capital market in equities.

http://online.wsj.com/article/SB10001424...

http://www.nytimes.com/2010/02/25/busine...

http://seekingalpha.com/article/16552-th...