I'm afraid you talk out of your arse and just like to get your points.
Here the view from a financial construction specialist. I bother in doing financial products for large construction projects. So I happen to to do a bit in construction and happen to be a bit familiar with investing.
Now regarding stocks in China. For a long time Chinese could only invest in China but most of these companies are state owned or JV's with again the state. They are extremely corrupt, they are extremely translucent, they have never faced outside competition. While it's impossible to put your fingers on hard data because it simply isn't publicly available you should be extremely careful with what goes on here. The reason the stock (as well property market) explodes is because people here want to invest, but find nothing to invest.
Which results in a bubble, not so much in ghost cities but like where I live top end properties going for 1 to 5 million euro and an entire block with lights off except for a few. There are those with money and buy properties in bulk and leave them empty. Properties here are bought on leverage with the expectations to increase in value. This is a facade held up by the government reality is most properties stay flat in value or even go down in almost every single city.
There is a good reason for it, current properties simply offer no value for money. As I said 5 million euro for a property simply makes no sense, but since people can't invest anywhere else, this is what happens. And by doing so, the rich to extremely rich push everyone out of the market leaving the less fortunate with nothing. Which is exactly the wealth gap I'm aiming at, it's becoming pretty much impossible for the average Chinese to buy a property.
This will come down and when it goes down, it will hurt many people very hard. This country never faced an economic crisis as we did. Our markets go up and down every decade (or even less). We grow up with markets crashing down, it's life. Chinese on the other hand have never tasted despair, this will happen and will leave many with a huge problem in a market and messy as China.
A neat quote though from a friend:
*In clear water you can't catch fish.
It's something I'll never forget and this is China in a single sentence.