China's Trouble With Bubbles

``While equities remain subdued, bubbles are growing in bonds and real estate -- two markets that play a much bigger role in the mainland economy. The question is whether Chinese regulators can handle a new crisis any better than the old one. Faith that China can safely manage fast-growing, debt-fueled bubbles assumes its regulators aren't just as good as their peers in the rest of the world, they're better. Last year's events should call that confidence into question. ''