But for now, it looks like China has been doing everything possible to ensure their on-paper economic numbers are met. But reality may be a tad bit different. But this video is a MUST watch if you want to know about the state of China. A great quote "China has built a 5x5 office space for every man, woman, and child in china'. Now if that isn't a sign of overbuilding, I don't know what is.
Also see Mish on Nonperforming Loans in China Rise to "Trillions of Renminbi"