China is on the edge of a financial crisis greater than any other country experienced in 2009. Yes, even bigger than United States', perhaps even Greece.
Irresponsible real estate projects, corruption and hidden debt will halt the massive and fictitious growth China has enjoyed.
China has for many years been engaged in construction and other projects which translates into GDP growth, as the illusion of legitimate investment and growth among the populace. The problem is that the growth is fictitious and the result is Ordos, which you will see in the link, is a massive city without inhabitants. . Even so another 40 to 50 million more apartments are already planned. All this is possible of course because China does need to listen to a free market, can use and move money where they need it. This is, after all, how China got through the financial crisis. By lending money, through stimulus, to companies and people. Money with rate that are not sustainable. If you gather the Chinese provincial debt, some estimates find Chinese debt to be as high as 160% of their GDP. That's almost twice that of the US. Moreover, the conditions which have allowed China to grow is not sustainable in the economy of what would be worlds richest country. Slave labor and undervalued currency is not going to cut it. My guess is that China will begin its full collapse by the autumn of 2012, shortly after the massive shift in power to the new leaders.
I'll say it again; China's economy is ficitious.
Take that, add it together with the revelations of Bo Xilai, argueably the most popular politicians massive corruption receipt, shows corruption is isolated local incidents. It's far reached in the high tiers of Chinese government.
Forget China as a world power, not in this century anyway.