Here is Andy Xie, an MIT-trained engineer/economist, and a former star analyst at Morgan Stanley:

“The hot money is going to come to China. Six months ago, I wrote an article that said as the U.S. comes down, a lot of people will come to China. The reason why is because I see the financial guys are running the world, so-called financial capitalists. … These people need to do something. When one bubble bursts, they go somewhere else. You can be sure of that. . . . Next year, the hot money story is going to become bigger. …

“Yes, we see a lot of problems in China. But the trade is still intact. The bubble can continue with all this hot money coming in. So the strong economy is likely to last.”

(Until recently, Xie was very pessimistic.)