Some more indicators on China:

In the past 5-8 years, and especially the past 3, China has built an enormous amount of stuff that nobody wants, needs, or uses. Fueled by a lending boom that began in late 2008 and tripled total lending in 2009, Chinese government at all levels has been spending money like a drunken sailor on leave. What should scare people however, is just how poorly this money has been spent. To give you a few examples:

• The Beijing government admits that 50% of apartments sit empty. A similar number is found in most major cities in China, not to mention the entire cities that sit empty.
  
• After major investment in wind power generation, most wind power capacity was incapable of generating power because...it was not hooked up to the grid.
  
• Housing price to income ratios that would make a California real estate bubble blush. The average home price to income ratio peaked around 12 in California. The China Daily (the Communist party mouth piece) speaks regularly of ratios in excess of 25. One recent article noted that the average price per square foot in Beijing was nearly $300 while monthly per capita GDP was only $435. That means using the long term global average for the income to housing price ratio, the average Beijinger should be able to buy a 91 square foot apartment.
  
• Industrial capacity utilization that is officially at 60%. (If you believe the official numbers I have a 91 square foot apartment I’d like to sell you) This is driven by state owned banks and enterprises that over invested in 2009 due to the stimulus fueled lending boom.

h/t: MR.