Crock. Their biggest export markets are in recession, they have a people flight from the cities to the inland, they are short on food, the biggest deal going is the infrastructure plan that was part of the 2005-2010 five year plan.
Oh yeah, they never report the truth. If they did now, they would risk a capital flight.
Last winter China get the worst snowstorm for centuries for their entire Southern region, followed by the hardest earth quake for Sichuan, one of their main source of agriculture revenue.
Yet the revenue for their agriculture sector still manage to end up with another recorded-high for the entire 2008.
So I think with the size of China, they are simply too big to get hitted, so no panic is needed here.