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I've been to Hangzhou, and it's no worse than Shanghai or Beijing. With regards to the EU, Greece is a mess and will probably default. Not sure about the other countries, but Portugal and Spain are looking pretty shaky. Ireland has had some pretty savage spending cuts and is getting back on...

There's an interesting article on the credit boom / bubble in China here. It includes this graph showing just how much cash has been lent... How fast it's growing at... And how little is being lent to private individuals... Sorry about the weird formatting. The images are...

I'd agree on that one. And I think that it's a very possible scenario, particularly when you look at the amount of money that the US, UK and Chinese governments (in particular) have printed.

I wouldn't be surprised if China keeps on growing for a few more years - calling the top is always difficult, and there's the whole market remaining irrational for longer thing. What would a crisis in China affect Australia? If Australia avoided the worst of the GFC due to its economy...