“I haven’t seen any stories of shortages in Chinese markets, have you?”
Shortages of capital water, electricity, gasoline, diesel, copper, coal, labor and a young population might count:
http://www.bing.com/search?q=shortages+in+Chinese+markets&form=MS8TDF&pc=MS8TDF&src=IE-SearchBox
Food shortages might count: Worst Drought in a Millenium Creates Severe Food Shortages in ...
... ease supply shortage in local markets ... food shortages can trigger inflation in China also because Chinese people are savers so they can put their savings into market.
www.marketskeptics.com/2010/03/worst-drought-in-millenium-creates.html
I think when you are comparing the USSR with China you mistake the USSR not being able to produce anything the world wants. China is able to produce many of the products the US demands.